Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
Will Egypt follow the example of Brazil or Argentina in dealing with the IMF?
Following the implementation of all of the International Monetary Fund’s (IMF) preconditions for the three-year, $12bn loan Egypt is bent on receiving, the government submitted a letter of intent to the IMF executive board two days ago. A letter of intent outlines one or more agreements between the two parties before the conclusive agreement is …
Pound flotation attracts foreign investors to EGX
Heads of financial institutions contend that these funds are high-risk
IMF to decide on fate of Egypt’s $12bn loan Friday: CBE governor
The executive board of the International Monetary Fund (IMF) is set to hold a meeting on Friday, 11 November, to discuss, review, and decide on Egypt’s request for a loan of $12bn over three years, according to a press release from the Central Bank of Egypt (CBE).
US dollar at customs repriced daily according to average bank rates on day before: ECA
The official price at customs on Tuesday registered EGP 17.26, hitting EGP 17.84 on Wednesday
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 …
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
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 …
$1.2bn secured for importing food commodities for 6 months: CBE
Tarek Amer held a press conference on Thursday to disclose the details of the CBE’s decision to float the Egyptian pound
Egypt obtains pledges worth $16.3bn for financing economic reforms during FY 2016/2017
Tarek Amer said that those countries include seven leading industrial countries and Arab countries, in addition to the IMF
Impact of the Egyptian pound’s flotation will be measured in the coming days: experts
The CBE announced on Thursday that it would float the Egyptian pound, setting an initial guidance rate of EGP 13 to the US dollar
CBE will not hold exceptional tender Thursday: Genena
The CBE’s governor said foreign exchange reserves will not be used, described the move as a full flotation
CBE instructs exchange bureaux to buy US dollars at EGP 13, sell at EGP 14.35
Exchange bureaux companies operating in the Egyptian market began on Thursday morning to buy US dollars at EGP 13 and sell at EGP 14.35
CBE poses exceptional tender for $100m
The tender will cover open currency positions in foreign currency at banks
Economic Affairs Committee to propose exchange bureaux be obliged to deposit US dollars at CBE for 5 years
There are 91 currency exchange companies, some of which own 20 branches, says MP El-Gohary
Government to determine commodity profit margins with FEDCOC, FEI next week: Prime Minister
Government in full coordination with CBE to overcome the US dollar crisis
33 banks offer investments worth EGP 278.85bn in CBE’s deposit operation
Thirty-three banks operating in the domestic market offered investments worth EGP 278.85bn 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 performs this deposit operation every Tuesday, in order to absorb excess liquidity …
State banks boost their investment in treasury bills by EGP 13.8bn in July: CBE
Banking sector accounts for 77% of total outstanding balances of bills
Domestic public debt jumps to EGP 2.612tr as of end of June: CBE
The government’s net debt amounted to EGP 2.286tr during FY 2015/2016, an increase of EGP 414.3bn compared to FY 2014/2015
State of uncertainty over devaluation of Egyptian pound after president meets CBE governor
A senior banker ruled out any move by the CBE before 11 November
CBE allocates $1.8bn to cover imports of strategic goods: Supply Minister
Establishment of a committee to set new eligibility standards for food subsidy card
Egyptian bankcards used to complete $2.5bn worth of transactions abroad in FY 2015/2016
Banks have received clear instructions to suspend cards that are being misused, says CBE deputy governor
5 banks in Egypt account for 71.47% of banking sector’s total profits as of June: CBE
The sheer capital of banks amounts to EGP 100.72bn, with the top 10 banks acquiring 55.9%
Banque Misr aims to boost SME loan portfolio to EGP 30bn in next few years
Banque Misr aims to increase the size of its small- and medium-sized enterprises (SMEs) loans to reach EGP 30bn in the next few years, in line with the initiative launched by the Central Bank of Egypt (CBE) earlier this year. The initiative was launched in support of these projects, boosting the size of their loans …
Non-performing loans fall to 5.9% as of end of June: CBE
Private sector accounts for 70.6% of total loans provided by banks to their customers, and loans-to-deposits increase to 44.5%
Egypt’s foreign debt in FY 2015/2016 increases by $7.7bn: CBE
The CBE announced on its website that the size of foreign debt increased in the FY’s fourth quarter by $2.3bn alone
Prime Minister reveals source of additional $3bn in foreign exchange reserves in September
Egypt received $2bn from Saudi Arabia and $1bn from the World Bank
CBE fixes pound’s price against US dollar on Tuesday, market still awaiting devaluation
Possibility of launching exceptional auction completed ruled out for now, as the CBE wants to preserve foreign exchange reserves