Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
Banks finance foreign trade operations worth $7.9bn since flotation until 14 December: CBE
This sum includes the repayment of letters of credit and documents of collections worth $4.6bn, which were issued earlier, and new letters of credit worth $3.3bn
US dollar surpasses EGP 19 at CBE to hit highest rates since flotation
The US dollar price at the Central Bank of Egypt (CBE) and banks operating in Egypt surpassed EGP 19, registering its highest level since the flotation of the Egyptian pound on 3 November. The price at the CBE on Monday recorded EGP 18.8088 for buying and EGP 19.1157 for selling, up from EGP 18.3246 and …
Lack of investment opportunities straining Egyptian banks
The liquidity of the pound has increased by EGP 64bn since the flotation; however, limited investment opportunities have hampered the growth of banks
US dollar slips more than EGP 0.22 at CBE on Thursday
In private banks, dollar prices ranged between EGP 18.20 and EGP 18.50 for buying and EGP 18.50 and EGP 18.95 for selling
CBE issues new regulations for mobile payment services
New regulations and procedures constitute a new approach in the banking sector and a paradigm shift towards financial inclusion, says CBE deputy governor
US dollar registers new peak, jumps to EGP 19 at HSBC
The US dollar price jumped against the Egyptian pound to register its highest level ever at the Central Bank of Egypt (CBE) and banks operating in the domestic market on Wednesday. The official price of the US dollar against the Egyptian pound, according to the CBE’s transactions on Wednesday, registered EGP 18.4507 for buying and …
Banks provided financing worth EGP17bn to SMEs and micro enterprises in 9 months: CBE
The recent issuance of certificates has attracted new deposits from outside the banking system estimated at EGP 64bn
Local and international organisations propose investing $1.31bn in treasury bills
Local and international organisations proposed investing $1.31bn in a treasury bills tender posed by the Central Bank of Egypt (CBE) on behalf of the Ministry of Finance on Monday. The CBE accepted $1.1185bn of the liquidity offered to it, with an interest rate ranging between 3.66-3.72%—an average of 3.718%, versus 3.749% average interest posed in …
Implementing Basel III, reducing government’s borrowing rate are best ways to improve banking sector: expert
The next step needed to reform the banking sector is to implement the Basel III banking system, says head of research department at Prime Holding
Cooperation protocol between Banque du Caire, 10th of Ramadan Investors Association to finance SMEs
The cooperation protocol comes within the framework of the initiative launched by the CBE at the beginning of 2016 to finance SMEs
CBE signs 18bn yuan bilateral currency swap agreement with Chinese central bank
The agreement will lead to a decline in demand on the dollar and an improvement in the balance of payments, says Youssef
Egypt’s foreign exchange reserves likely to decline by $3bn in mid-December
On 17 December, Egypt must pay $3bn for bonds issued on global markets in 2013
Industry Ministry, CBE seek provision of soft loans for industrial companies
Committee to be formed to determine mechanisms and procedures of providing funding and ensuring ability of companies to repay, says minister
18 million people require microfinance in Egypt: former CBE governor
We need about EGP 54bn to finance 3.6 million families living below the poverty line
SMEs acquire 10% of HDB’s loan portfolio until September 2016: chairperson
The bank aims to increase the funding of such projects to 20% by the end of the four-year period, set by the CBE, said Fathy El-Sebai
US dollar exchange records EGP 18.25 at banks on Thursday
The US dollar exchange rate against the Egyptian pound witnessed huge fluctuations during this week
Ministry of Finance to close budgetary accounts of 179 units of measure
Accounts to be transferred to the single treasury account at the CBE as of 1 December 2016
Trade exchange between Egypt and outside world falls to $75bn in FY 2015/2016: CBE
Imports decline by $4.99bn, exports down by $3.54bn
CashU to negotiate with CBE for new package of payment solutions next year
40,000 users of CashU in Egypt, 2.3 million across the Arab world
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 …
US dollar exchange rate against Egyptian pound continues to rise at banks, CBE on Thursday
Prior to the CBE’s decision to float the currency on 3 November, the price of the dollar was set at EGP 8.83
Interest rates remain unchanged by the CBE
Analysts expect these rates to remain unchanged for three to six months
Banking sector secures financing to import $2.5bn worth of food commodities, medicine: CBE
$1.5bn allocated to import intermediate goods and raw materials for production; $414.6m to import food commodities; and $97.6m to import medicine
Dollar records its highest level against Egyptian pound this week
The official rate for the dollar at the CBE on Thursday registered EGP 15.5422 to buy and EGP 16.1351 to sell
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
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
CBE instructs banks in some areas to remain closed on 11 November
The CBE’s measure comes as a precaution for violence that may occur in these areas during the demonstrations on that day