Latest in Tag: Central Bank of Egypt Highlight
Latest in Tag: Central Bank of Egypt
Ashraf Elkady to take office of United Bank of Egypt by April
Elkady currently serves as assistant managing director of Suez Canal Bank, where his last day will be on Thursday
Price of dollar dropped to EGP 9.70 in informal markets Wednesday: Al Abyad
Dollar price may be dropped again to EGP 9.30 next Sunday, chairman predicts
EGX-30 closes with 0.5% surge, unaffected by CBE’s decision
Analysts argue that positive news would encourage investors to buy
Faisal Islamic Bank of Egypt to focus on MSMEs in new lending policy
The bank has presented a plan to the CBE to increase the share of funds provided to SMEs in its lending portfolio by 7% by 2019, said El-Bendary
Banks submit SME loan programmes to CBE
The CBE’s January announcement mandated that banks must direct a minimum of 20% of their loan portfolio to finance SMEs within four years
$56m increase in foreign exchange reserves at end of February: CBE
The Central Bank of Egypt (CBE) revealed Thursday the balance of foreign exchange reserves increased by approximately $56m in February 2016. It explained in statement on its website the reserves increased in February to $16.534bn compared to approximately $16.478bn in January.
Egypt’s US dollar certificates issuance positive for banks, insufficient to quell liquidity pressure: MOODY’S
The sale of US certificates for sale to Egyptian expatriates will increase the three government-owned banks’ dollar funding; a credit positive especially since bank dollar liquidity has tightened in recent months, according to Moody’s released Wednesday
Banking sector allocates EGP 10bn for Housing Ministry to build 450,000 housing units: Amer
About 90% of national output in advanced societies is based on small projects and small- and medium-sized enterprises (SMEs) which have become CBE’s new strategic goal now after they were neglected in the previous period
$1.208bn offered for investment in treasury bills
Return on bills increased by up to compared to last CBE auction last January
Amid stalled import operations, Afreximbank-CBE agreement to provide $500m in facilities
The Afreximbank facility is part of a $3.5bn financing programme, approved by the Afreximbank board of directors last December
Uncertainty surrounds United Bank chairman appointment
While Fahmy is considered most likely to ascend to the leadership role, sources indicate that the CBE is assessing two additional candidates
Banks record EGP 8.2bn increase in deposits in November: CBE
Banks also saw a EGP 2.3bn increase in loans during the same month
Pound devaluation supports economy, promotes tourism, foreign investment: Prime
We should increase the supply of dollars and encourage Egyptians abroad to sell their dollar remittances to banks, says head of research at Prime
Inflationary wave hits markets after dollar value appreciates to EGP 9.15 in exchange offices
CI Capital has predicted a high average inflation rate, ranging between 11% and 11.5% in 2016 and Prime Investment expects the inflation rate will reach 10.8%
CBE cannot be asked to bear more than it can to solve: El-Kosayer
The CBE is not responsible for providing the dollar; it is responsible for managing foreign currency reserves and the exchange market
CBE Deputy Governor clarifies regulators on dollar cap increse
Officers from banking operations expressed uncertainty regarding several features of the new CBE directive governing dollar deposits for import operations
Asset managers expect balanced funds to dominate in 2016
Appeal of balanced funds grew following diminishing investment opportunities in monetary and fixed income funds due to decision to reduce investments in such funds
We will not put depositors’ money at risk by investing in stock market: Banks
Foreign banks prevent branches from investing in stock market, Egyptian banks resort to creating subsidiary companies, investment funds
CBE regulations on retail bank loans expected to boost car payments through direct instalments
Customers will escape from banking restrictions, says Honourary Chairman of AMIC
CBE discusses ways to increase MSMEs’ funding with banks
Banks are currently preparing their infrastructure to begin implementing CBE initiative
CBE fixes prices of basic yield
The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday evening to fix the prices of basic yield at CBE, according to its statement
First portion of WB loan has not entered CBE yet: CBE Deputy Governor
Deputy Governor of the Central Bank of Egypt (CBE) Tarek Fayed asserted said the first portion of the loan agreed upon with World Bank (WB), estimated at $1bn, has not entered CBE yet
Monetary Policy Committee holds first meeting in 2016 to discuss future of basic interest rates at CBE
The MPC decided during its last meeting on 24 December 2015 to raise basic interest rates by half a percentage point, resulting in an overnight deposit rate of 9.25%, an overnight lending rate of 10.25%, and a main operation and discount rate of 9.75%.
Non-performing loans fell to 7.2% of total by end of September 2015: CBE
CBE issued its Financial Soundness Indicators report, where the loans-to-deposits ratio increased to 42%
CBE decides to raise maximum foreign currency deposit cap to $250,000 monthly
Decision applies only to companies to facilitate import operations of main and basic commodities
CBE policies reduce car imports in 2016
NBE and Banque Misr restrict opening letters of credit for fully-manufactured models, says banker
Limited impacts for recent CBE lending controls: Beltone
Reducing maximum loan per customer and bank contributions in capital market funds for better risk management and to diversify its applications
Banks race to implement CBE’s programme for funding SMEs
Both Banque Misr and the Industrial Development and Workers Bank of Egypt have begun proposing funding programmes with a 5% declining annual interest rate
Banque Misr begins activating CBE initiative to finance SMEs with 5% yield
This springs from the bank’s commitment to promoting economic development and contributing to the development of society by fighting unemployment, increasing the gross domestic product (GDP), and achieving sustainable development.
Local, international institutions offer to invest $1.168bn in treasury bills
The bills’ interest rate saw a 40 points increase compared to CBE’s last auction in December