Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
Interest rate hike aims to help build up international reserves: Arqaam Capital
IMF welcomed the step, saying it aims at the welfare of the Egyptian people and tackling inflation
Raising interest on the pound is for the benefit of all: CBE governor
The CBE does not consider specific entities when making decisions, Amer said defending MPC’s decision
Investors believe raising interest rate is wrong, expert says it could control the economic situation
The Monetary Policy Committee (MPC) announced on Sunday raising the discount rate by 2%, reaching 17.25%. In addition, the overnight deposit rate, overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation increased by 2%, reaching 16.75%, 17.75%, and 17.25%, respectively. The step of raising the interest rates was recommended …
Raising interest rates shakes markets, disturbs business community
Businesspeople outraged amid expectations that debt payments will increase by EGP 30bn
Ambiguity surrounding CBE’s decision on interest rate in Sunday’s meeting
IMF confirms that using interest rate is the right tool to face inflation in Egypt, the market excludes the possibility of increasing the interest rate
Good performance indexes in banks by end of January: CBE
EGP 67.2bn increase in volume of deposits, EGP 52.8bn in loans
Establishment of Financial Inclusion Unit to support, strengthen financial inclusion in Egypt: Bassiouny
Khaled Bassiouny, general director of the Financial Inclusion Unit at the Central Bank of Egypt (CBE), said that the objective of establishing this unit and its subordination to the CBE governor in person is to support and enhance the financial inclusion in Egypt. The CBE recently set up a financial inclusion unit and appointed Khaled …
Pressures mount on CBE as IMF calls for interest rate hike to tame inflation
Inflation extends rise in April on higher food prices
CBE obliges banks to not deal with more than 7 exchange bureaus
Banks and companies granted 4-month transition period to adjust, says Negm
Household sector accounts for 75% of deposits at banks in December
It is very normal that individuals’ share in deposits is higher than companies’, Yousef says
Egypt’s public debt is reaching critical level
Experts believe there are no other options but to ask for more loans, while national and foreign debt is equally dangerous
Government has to ease reliance on banks: source
The reliance leads to a vicious cycle, “amid low state revenues,” says banker
Egypt’s foreign debt jumps by $19.5bn in 2016
Foreign debt reached 37.6% of GDP in December 2016 compared to 13.6% in December 2015
HDB awaits CBE approval to separate real estate activity from banking business
We aim at becoming a commercial bank practicing banking business only and transferring investment activity to a company owned by the same shareholders: Sebaey
Egypt’s MPC maintains policy rates as forecasted by CI Captial
The Central Bank of Egypt (CBE) decided to keep its overnight deposit and lending rates at 14.75% and 15.75% respectively, while the CBE’s main operations and discount rates were both kept unchanged at 15.25%. According to CI Capital, the CBE’s decision to keep policy rates unchanged following the 0.25% hike by the Federal Reserve System …
CBE expected to hold steady interest rates on Thursday
The increase of interest rates will not decrease inflation because it did not result from an increase in supply, says Youssef
CBE is ready to repay Egypt’s foreign obligations: Amer
We have large inflows of foreign exchange and strong reserves that will aid us in repaying any obligations on time, says the CBE’s governor
Egypt’s banks achieved net profits of EGP 53.066bn until December: CBE
Egypt’s five largest banks acquire 42.66% of total profits achieved by banks working in the Egyptian market
Private sector acquires 66.3% of total bank loans to clients by December: CBE
Non-performing loans rate declines to 5.8% of total loans in banks, with allocations of 99.1%
SWIFT announces Business Forum Egypt to discuss issues of financial sector
“As we continue to reform the banking sector, it is critical to remain an integral part of the global community,” says Amer
FX is not only indicator for assessing economy: Arqam Capital
Most of the foreign exchange (FX) flows to banks are being directed to alleviating longstanding pressure on the corporate and household sectors to spur economic activity and reduce inflationary pressures, while meeting the demands of foreign companies and investors for repatriation. According to Arqam Capital’s report “The Devil in the FX” published in February, the …
Market awaits changes in bank leadership in mid April
Banks will present their recommendations to the CBE’s governor, since the law allows the latter to reject officials
CBE forces banks to notify it before providing foreign currency to government institutions
Banks are obliged to notify the CBE before providing foreign exchange for any governmental entity
$7bn BOP surplus by end of first half of FY2016/2017: CBE
Surplus includes $5.1bn generated after flotation
CBE considers making amendments to the SMEs initiative
Regular meetings in FEB to look into the problems facing banks during initiative implementation, taking suggestions, according to prominent banker
CBE provides $600m to settle dollar debts of about 570 companies
Companies will repay their debts—that resulted from fluctuations of exchange rates after the flotation—at an interest rate of 12% over two years
Inflation hike is temporary, expected to decline in the coming period, hence interest rate kept unchanged: MPC
CBE raised the interest rate by 3% on 3 November 2016 as prelude to hiking inflation
$1.12bn offered for investment in T-bills
CBE received 33 offers, accepted 29 worth $1.09bn, with an interest average of 3.62%
NBE injected EGP 7.5bn to finance 9,200 SMEs in first year of CBE’s initiative to support these projects
77% of SMEs obtained loans to expand its existing activities and 23% to newly established projects
CBE maintains same interest rate
Having increased the interest rate three times in 2016, the CBE does not plan to raise it further