Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
Analysts expect further EGP devaluation against dollar
Analysts cannot predict the timing and percentage of devaluation
CBE assigns $120m for importation of food commodities before Ramadan
This move comes within the framework of the bank’s readiness to meet the market’s requirements for food commodities before the beginning of Ramadan
Islamic banks face challenges associated with managing liquidity: CBE deputy governor
Negm added that the government reissuing bonds when they are due will enable Islamic banks to invest their surplus funds
Banks must comply with new controls for foreign exchange deposits: CBE
CBE said in a statement on Monday that it had monitored some individuals who made large cash deposits in foreign currencies, and used them to import non-essential goods and products through companies, which is a circumvention of the controls
CBE has not received new deposits from Saudi Arabia’s MOU with Egypt as of Saturday: CBE deputy governor
Quality of performance is a requirement for extending working period, says Negm
Sawiris and Tarek Amer fight: flashback to previous battles with the state?
Businessman Naguib Sawiris insists that Tarek Amer used his position to prevent state-owned banks from funding his bid to acquire CI Capital
CBE closes 5 exchange companies for committing violations: deputy governor
Negm said the closure of money exchange companies and revoking their licenses is one of the sanctions provided for in banking law
Pardon me CBE, it is none of your business
I was surprised and very distressed after reading about the resolution issued by the Central Bank of Egypt (CBE) last weekend setting a maximum of nine years, consecutive or otherwise, for CEOs to maintain their position at banks. If this period is exceeded, the CEO will continue until the adoption of the annual financial statements …
Dollar deposits jump 2130% following pound devaluation: Amer
Depreciating the pound is a corrective measure in response to currency market mismanagement, says Farid
Economists deem plan to attract $30bn in FDI by 2030 a ‘difficult venture’
Serious institutional, administrative, and legislative reform required to raise foreign investment, entrance to operation, growth, says economic expert
CBE provides banks with $104.5m, sets US dollar price at EGP 8.78
On Tuesday, the official dollar price in banks was EGP 8.83 for purchasing and EGP 8.88 for selling
Fitch forecasts dollar to reach EGP 9 before year-end
Egypt could reach an IMF agreement if required by authorities, Fitch says
Metropolitan Consulting supports CBE’s initiative for financing SMEs
Nagaty said the company’s goal behind this step is to contribute to supporting the expansion of already existing SMEs, or establishing new companies
Offering United Bank for sale still pending: chairman
CBE, other parties still studying issue of sale, we have not received instructions so far, says El-Kady
CBE governor claims responsibility for reduction of pound’s value against dollar
In a meeting with the CBE deputy governor and various banking officials, Amer reaffirmed the Egyptian central bank’s role in navigating the Egyptian economy
CBE’s SME funding initiative met with doubt
The initiative conflicts with other government lending initiatives because of its low interest rate
JP Morgan expects further EGP devaluation, IMF loan deal
The US firm expects higher interest rates
CBE sells $1.5bn to cover portion of temporary credit facilities to importers
Banks are required to redeposit amounts obtained in the CBE auction with a 1.23% yield over one year
The difficult question of the dollar crisis
Many have raised questions about the reason behind the dollar crisis. Fortunately, financial analyst Nady Azzam explained the details behind this issue in an article on his page, which I quote here: The state’s dollar resources at the end of 2015 amounted to $58m, divided as follows: $22bn from exports $18bn in remittances from Egyptians …
The automotive sector’s shaky road
The Egyptian automotive market can be described in three terms: “suffered, suffering and will suffer”. All the associated parties in the automotive market, including manufacturers, agents and dealers, are familiar with this situation. Those words reflect the internal state of fear, anxiety and confusion that hovers on the horizon. Nobody knows what awaits tomorrow. None …
In Cartoon: It is only up to CBE !
Is the CBE the only player to blame for the dollar crisis?
In a recent press conference, prominent economist and chief economic adviser at Allianz Mohamed Al-Arian warned that the country is risking over-dependence on the CBE to make the country’s monetary decisions.
CBE to hold exceptional $1.5bn auction
CBE sold $200m to banks operating in the local market at rate of EGP 8.85 per dollar, through an exceptional tender, to cover the demand of food commodities importers
Next fiscal year’s budget returned to government by parliament after partial floating of pound
Finance Ministry targets a deficit of 10.5% for the next fiscal year, compared to a target of 8.9% for this year; CBE’s decision will aggravate the deficit to 11.5%
CBE devalues EGP amid concerns over inflation and budget deficit increase
The decision is expected to have far-reaching repercussions on the deficit and inflation of the state budget
Pound devaluation shakes market
EGX-30 jumps by 6.7%, amid renewed hopes for FDIs and major concerns over inflation and budget deficit
US dollar declines to EGP 9 in informal market
Banks await fresh dollar liquidity to be injected through exceptional CBE auction
Foreign deposits, withdrawals balance out at banks on Wednesday, Thursday
Approximately $8m exited one of the largest banks following CBE decision to cancel cap on foreign currency withdrawals and deposits
Exchange firm officials prepare for expanded meeting with CBE
El-Abyad denies any agreement between CBE and exchange firms on a specific price for dollar
Amer condemns media for promoting exaggerated dollar prices in informal market
We cannot consider the process of dollar trade outside the banking sector and exchange firms with trustworthy prices, says Mohamed Abdel Aal