Latest in Tag: CBE Highlight
Latest in Tag: CBE
Credit facilities granted by banks to their clients in August increased by EGP 12.3bn: CBE
Private sector accounts for 59.4% of the total facilities, deposits increase by EGP 34.4bn
CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts
The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …
Exchange rate semi-stable at CBE, banks on Wednesday
At banks on Wednesday, the US dollar changed hands at EGP 17-17.5 for buying and EGP 17.4-18.25 for selling
Foreign exchange outcome at banks exceeds $3bn over past 2 weeks: CBE sub-governor
Investment funds, international pension funds began investing in Egyptian government debt instruments
Banks begin providing hard cash to import non-essential goods on Sunday
Banking sector financed import of food commodities, medicines, and production inputs worth $2.492bn in 13 days, says the CBE
Banks secure $2.2bn to meet customers’ needs since pound flotation: cabinet
Banks have received $2.6bn as of Monday, says CBE governor
Highly expected that basic interest to remain unchanged on Thursday
Current interest rates on the pound may remain unchanged for three to six months, says analyst
Egyptian banks emerge as net winners post-25 January Revolution
Financial Times—Egyptian banks emerged as net winners after the 25 January Revolution in 2011 on significant net interest margin (NIM) expansion, supported by record-high treasury yields over 2012-2016. For the past six years, banks have been channeling excess liquidity to treasury investments. As such, banks’ treasury investments reached circa 45% of assets as of mid-2016 …
US dollar price varies at banks, CBE on Tuesday
Bankers expect the greenback to change hands at EGP 15-16 for three months
CBE refutes rumours on changing banknote designs
The Central Bank of Egypt (CBE) denied rumours that it plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the CBE launched a competition among volunteers to create new designs for Egypt’s banknotes. The CBE said in a press release that it did not …
Large portion of dollars in banks since Monday come from customers switching saving schemes to Egyptian pounds: prominent banker
High expectations that foreign currency deposits will decrease while Egyptian pound deposits will increase by end of the month
US dollar price falls even further at CBE, banks while EGX profits EGP 9.3bn
The price of the US dollar dropped below EGP 16, with expectations that it will continue to decline
Inflation rate increases by 1.8% in October: CAPMAS
The annual inflation rate reached 14% in October
CBE concludes financing deal worth $2bn from international banks
The transaction bolsters the liquidity and amount of the foreign currency reserves, says CBE
Egyptian remittances at Banque Misr, NBE, Banque du Caire increase to as high as 35%
Leaders of the National Bank of Egypt and Banque Misr revealed that 30% of the remittances sent by Egyptians abroad to banks now remain in Egyptian banks compared to the previous 1%. There has been an upwards trend in these rates since the flotation of the Egyptian pound last Thursday. Vice chairperson of the National …
Egyptian pound appreciates against dollar in midst of imminent IMF loan signing, Trump elected president
The price of the Egyptian pound significantly increased against the US dollar on Wednesday. The official price at the Central Bank of Egypt (CBE) reached EGP 17.0422 for buying and EGP 17.633 for selling, down from Tuesday’s rates of EGP 17.417 for buying and EGP 17.8427 for selling. The dollar price also dropped at a …
Pound flotation attracts foreign investors to EGX
Heads of financial institutions contend that these funds are high-risk
US dollar at customs repriced daily according to average bank rates on day before: ECA
The Central Bank of Egypt (CBE) sets the US dollar price for customs tariffs on a daily basis at 3pm, based on the average exchange rates at banks, according to the head of the Central Administration of Customs at the Egyptian Customs Authority Mahmoud Issa.
CBE raises price of US dollar to EGP 17.41 for buying, EGP 17.84 for selling
The US dollar exchange rate rose at the Central Bank of Egypt (CBE) on Tuesday—the sixth day following the Egyptian pound’s flotation—to EGP 17.417 for buying and EGP 17.8427 for selling. The new rates are up from the Monday amounts of EGP 16.3895 for buying and EGP 17.2308 for selling, with an increase of EGP …
Pound flotation raises mobile, computer prices and slows down sales
The Central Bank of Egypt (CBE) announced their decision to float the Egyptian pound last week, which has raised the US dollar price in the official market. This decision also caused an increase in the prices of imported electronics, as the higher dollar exchange rate also raised the cost of imports after custom fees increased …
The first tender-less Tuesday in almost 4 years
Since December 2012, the CBE has posed 517 regular tenders and 9 exceptional ones totalling $28.6bn, until last Tuesday
Egyptian Automotive Dealers Association halts imports for November
The Egyptian Automotive Dealers Association held a meeting for leading car importers in which the association announced it would halt the import of cars during November in support of Egypt’s economy. The association met recently, prior to the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate of the Egyptian pound against the …
Car companies halt sales to reprice in wake of CBE decision
Car companies halted their sales processes to review prices after the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. Some companies plan to reprice their cars, while others await the stabilisation of the US dollar rates against the pound and the end of the turmoil and confusion that currently prevails …
CBE dollar price rises to EGP 16.38 for buying, EGP 17.23 for selling, jumps to EGP 17.5 in banks on 5th day of pound flotation
The price of the US dollar at the Central Bank of Egypt (CBE) increased on Tuesday, the fifth day after the liberalisation of the exchange rate, to EGP 16.3895 for selling, and EGP 17.2308 for buying, compared to EGP 15.6643 for buying, and EGP 16.2222 for selling on Monday. On Thursday, the first day of …
PBDAC amends its main system after parliament approves law: chairperson
We will immediately begin to communicate with the World Bank to implement the restructuring of the bank, says Elkosayer
US dollar exchange rate stable on 1st day of Egyptian pound’s complete flotation
Sunday marks the first day of the Egyptian pound’s complete flotation in the top five banks operating in the market, following the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate on Thursday.
Financial portfolios undergo restructuring amid tendency to invest in stocks of export companies: investment managers
Investment in shares is more attractive compared to fixed-income instruments despite increase in interest rates by 3% on Thursday, say investment managers
30% hike in inflation rate in short term: Beltone Financial
The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …
Egyptian pound flotation is a historic decision: bank leaders
Raising interest was important to protect citizens’ savings and to face expected inflation, say bank leaders
Some banks raise interest on savings vessels after CBE decision, public banks to follow suit
Some banks operating in the local market have quickly raised the interest they offer on some saving vessels in Egyptian pounds, following the Central Bank of Egypt’s (CBE) decision to raise its basic return by 3% on Thursday. Other banks are waiting until Sunday to follow suit. Time constraints and the absence of Asset-Liability Committee …