Latest in Tag: CBE Highlight
Latest in Tag: CBE
United Bank to allow paying taxes, customs through branches
The United Bank will introduce in all branches a service for paying all government dues, such as individual and company taxes and customs, the bank’s chairman Mohamed Ashmawy revealed Thursday. The move comes in cooperation with the Ministry of Finance. Ashmawy stressed the significance of enhancing electronic payments in Egypt, instead of depending on traditional …
Economy recovering, EGX records show: Dcode EFC Report
Egypt’s economic recovery has been demonstrated by its EGX30 records according to a Dcode Economic and Financial Consulting (Dcode EFC) report, released in this month. The report specified that measures were taken by the Egyptian Financial Supervisory authority (EFSA) and EGX that helped in providing simpler listings rules. The measures included the release of rules …
Egypt to repay $1bn to Qatar in October
The $1bn was the remaining amount of Qatar’s deposit at the CBE. In November, Egypt repaid a deposit worth $2.5bn to Qatar based on a formal request from Doha
Following deposits’ ceiling, dollar to remain stable until March summit: Officials
CBE placed ceiling deposit of $10,000 per day and $50,000 per month
Dollar’s unofficial market still precedes official by EGP 0.16
$1 is EGP 7.59 on official market, EGP 7.75 on black market
US dollar rise to stop at EGP 8 before Economic Summit: FEI head
Reducing the gap between the official price and black market price will bring more dollars to Egypt, El Sewedy says
$1 reaches EGP 7.47 on official selling market
CBE’s Monday dollar auction ended with $1 standing at EGP 7.43
Oil diminishes interest rates
By Ahmed El-Wahsh Central Bank of Egypt (CBE) director, Hisham Ramez took the decision of unexpectedly cutting nationwide interest rates by 50 basis points on the inflation expectation. This decision was implemented due to the current volatility of the crude oil prices per barrel that had been fluctuating, since the organisation of the petroleum exporting …
Falling EGP confirms Central Bank’s optimism, ensures foreign investors: DCode Consulting
On Thursday, the CBE’s Monetary Policy Committee lowered the interest rate for deposits and loans by 50 points in one night, to reach 8.75% and 9.75%, respectively.
Gamal Negm addresses concerns over mass resignations of banking heads
More than 150 banking leaders submitted their resignations in recent days in an objection to the application of a maximum wage.
Government to address obstacles facing entrepreneurship, SMEs: Mehleb
Bank branches in Upper Egypt and Nile Delta to facilitate funding for small and medium-sized companies, says CBE governor
External debt rises to $46.1bn at end of June 2014
Ratio of external debt to GDP registers 16.4% compared to 17.3% YoY, the CBE said
Al-Sisi obliges financial services, public sector to pay income tax electronically
Finance minister said amendment helps managing public debt as it improves flow of tax revenues to the CBE
Mehleb witnesses signing of pollution control funding agreement worth €70m: Cabinet
Project to provide technical and financial support to industrial facilities in line with environmental laws for pollution reduction
Egyptian energy investments may decrease due to low global oil prices: Experts
Chairman of the Energy Committee of the FEI expects energy investments to decline and concerns of Arab investments may lead to decrease in investments
Weekly dollar bids rise to four times a week
CBE is set to raise dollar bids worth a total of $160m instead of $120m
$1.1bn decrease in foreign reserves from October to November: CBE
Decline mainly due to the repayment of accrued deposits to Qatar, claims economist
Tourism sector asks banks to postpone debt repayment to end of 2015
Banking system owed EGP 10bn from tourism sector, workers hope to postpone debt repayment to end of 2015
Numerous public bank officials resign to protest maximum wage
New maximum wage sets wages at 50% less than original wages, resigned NBE official says
US delegation investigates investment climate, includes potential investors
Meeting held Saturday between American Chamber of Commerce members and Prime Minister to discuss arrangements for receiving American businessmen
Saudi Arabia allocates $350m to Egypt in 3 agreements
The agreements include two electricity stations in Western Damietta and El-Shabab
CBE to supervise monetary transactions outside banking sector: Deputy governor
Supervision will cover monetary fund money despite antipathy of investment directors
Domestic debt recorded at EGP 1.8tn by June 2014: CBE
Egypt’s external debt increased by 4.8% to record 45.3bn at the end of March 2014, compared to $43.2bn at the end of June 2013.
Diplomatic delegations exempted from daily withdrawals limit: CBE
Bank previously announced that daily withdrawal limit would be set at $30,000
Purchases of investment certificates divided as 82% citizens, 18% institutions: CBE governor
Egypt post collected EGP 730m from 250,000 Egyptians, governor says
Suez Canal certificates sold out: CBE
Sale raises EGP 61bn for canal extension project
Tahya Masr donations yet to exceed EGP 5bn: Fund board member
Salah Diab says board of directors are still reviewing how the fund will be used
Rise of interest rate to have limited effect on stock market: Experts
Economic experts give different reasons for the limited impact of the interest rate hike on the stock market
7 banks raise interest rates on deposits after Central Bank decision
A recent CBE decision saw an increase in the benchmark overnight deposit rate by 1% to 9.25%, and the overnight lending rate to 10.25%.
Non-cash transactions in Egypt up to 7%; consultations underway with CBE for electronic services: Bankers
The size of non-cash transactions in Egypt has reached approximately 7%, the head of business at MasterCard Egypt said during the People and Banks conference on Thursday. He added that non-cash transactions have reached “90% in France and Belgium, 80% in America, 60% in Korea and Japan, 30% in the UAE, 20% in Saudi Arabia, …