Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
CBE initiative set to rescue 50% of hotels nationwide
Initiative will consider promoting local industry by requiring 65% reliance on domestic products in replacement and renewal
Strong expectations to keep interest rate unchanged during CBE’s MPC on Thursday, despite inflation hikes
Raising interest rates will not curb inflation caused by flotation and shortage, say analysts
Analysts expect EGX to move sideways awaiting CBE’s decision on interest
Bourse awaits Banque du Caire placement, following approval to list its EGP 2.25bn capital
Only 14 banks among 39 operating in Egypt participated in mortgage-financing initiative launched by CBE to finance low- to middle-income housing
These banks provided EGP 5bn to finance the purchase of 62,000 housing units since the launch of the initiative in February 2014
Export Development Bank to increase small and midsize enterprises portfolio to EGP 5bn in 2019
The mortgage portfolio of the bank amounts to EGP 10m, and we aim to increase it to EGP 50m by late June 2017, says El-Menshawy
Dollar falls to its lowest level in two months, settles below EGP 18
Banks see clients disposing USD, further decline in the pipeline, says chairperson of Banque Misr
Usage of cards abroad dropped by 55% following flotation: CBE
Egyptians usage of cards abroad dropped by a value of $223m in November and December 2016, following the Central Bank of Egypt (CBE) decision to float the national currency—a drop of 55% compared to the same months in 2015. In a press release on Tuesday, CBE stated that data from banks indicate that payments via …
Net foreign purchases of T-bills jump to $1.15bn in January
Foreign investments in debt instruments is one of the most important sources of international financing for emerging and developed economies: CBE
$4.5bn net inflows received by CBE in January 2017: official
Difficult reforms have been taken already, no intention to raise field prices in the current FY
CBE launches initiative to renovate floating hotels and tourism fleets with EGP 5bn, 10% interest
The Central Bank of Egypt (CBE) launched an initiative to subsidise the renovation of hotels, floating hotels, and tourism fleets. Through the initiative, banks will secure EGP 5bn with an interest rate of 10%, extending over a maximum period of 10 years, according to the credit study conducted on each client separately. In a press …
Banks operating in Egypt record EGP 56bn net profits in 2016: CBE
The Egyptian banking sector is powerful and capable of overcoming the effects of the flotation of the pound, with capital adequacy of 14.9%, Negm says
Egyptian remittances amount to $4.6bn in Q4 2016: CBE
Total remittances sent home from Egyptians working abroad rose during the period between October and December 2016 by about $500m, reaching $4.6bn; compared to $4.1bn during the same period in 2015—a growth of 11.8%, according to the Central Bank of Egypt (CBE). Remittances from abroad are considered one of the most important resources for foreign …
Gold value increases to $2.45bn in foreign exchange reserves by late January 2017
A report published by the CBE on Sunday revealed that foreign exchange reserves increased to $26.363bn by the end of January 2017, compared to $24.265bn in December 2016
International reserves reach $26.363bn in January, increase by $2.1bn
The Central Bank of Egypt has announced on Sunday that Egypt’s international reserves reached $26.363bn in January, marking an increase of almost $2.1bn from December 2016’s value of $24.265bn. Since 2011, Egypt’s foreign currency reserves have been constantly drained at unsustainable rates to prevent currency devaluation. By October 2016, foreign reserves had dropped to $19bn …
IDWBE negotiates with international companies to reform administrative structure
I assumed chairmanship of the bank in April 2016 with deferred losses of EGP 1.5bn and a supportive loan of EGP 2.5bn from CBE, says Fahmy
Increase of EGP 38.4bn in total credit facilities granted by banks to customers from July to October: CBE
The private sector acquires 59.6% of total credit facilities
The reason behind the rise of Egypt’s foreign currency reserves remains unknown
Since the 25 January Revolution in 2011, Egypt’s foreign currency reserves were used to support Egypt’s important imports at a time that witnessed a lack of inflow of foreign currencies. It was also used to support the Egyptian pound against the US dollar to postpone the effect of the low demand on the Egyptian pound. …
CBE prints EGP 200m worth of EGP 1, EGP 0.5 banknotes
The bank said in a statement on Thursday that it has printed EGP 100m of EGP 1 banknotes and EGP 100m of EGP 0.5 banknotes
Largest 10 banks acquired 72.11% of total deposits until September 2016: CBE
The share of the largest five banks of total deposits reaches 58.9%; government banks are at the top
Non-performing loans reach 5.9% by the end of September 2016: CBE
The private sector acquired 70% of total loans offered by banks to clients, loans to deposits ratio recorded 44.2%
Government borrows EGP 1.121tn through bills, bonds during 2016
Ministry of Finance intends to borrow EGP 299.019bn from banks in Q1 FY2017
EGP 27.4bn increase in total credit facilities granted by banks to clients during Q1 of FY 2016/2017: CBE
The private sector accounted for 59.6% of the total of these facilities and the industrial sector tops economic sectors supported by banks
Banks offer investments worth EGP 91bn in CBE’s deposit operation on Tuesday
Banks operating in the domestic market offered investments worth EGP 91bn of surplus liquidity in local currency via deposit operations, which was deposited by the Central Bank of Egypt (CBE) on Tuesday, according to data obtained by Daily News Egypt. The CBE accepted EGP 75bn of the investments it was offered at an interest rate …
Remittances from Egyptians abroad increase by 33.2% in 1 month, amount to $1.7bn in November: CBE
Banks received $3.9373bn over three months
Balance of payments runs $1.9bn surplus during Q1 of current FY: CBE
The CBE explained in a statement on Thursday that capital and financial transactions registered net income estimated at $7.1bn compared to $1.6bn during the same period the previous year
CBE dismisses rumours of Tarek Amer’s resignation
Amer will willingly complete his four-year constitutional term
Finance Minister signs cooperation protocol with CBE
An electronic system for financial transactions will help implement the ministry’s plans, says El-Garhy
Uncertainty clouds future of interest rate on Egyptian pound
The Monetary Policy Committee will hold its last meeting in 2016 on Thursday to review the prices of basic earnings at the CBE
CBE’s new mobile banking regulation will create new business opportunities for Egyptian banks: Moody’s
There are significant growth opportunities for mobile banking in Egypt
US dollar prices at banks vary considerably on Wednesday, official price drops by EGP 0.06
The dollar value is expected to drop as companies finalise their budgets