Latest in Tag: The Central Bank of Egypt Highlight
Latest in Tag: The Central Bank of Egypt
Limited changes in boards of government banks before end of September 2017
Two leaders expected to be sacked, 4 likely to stay, ambiguity surrounds one leader
Did CBE miscalculate including part of hot money within foreign exchange reserves?
A debate among analysts about the CBE’s inclusion of foreign investment in treasury bills in its reserves
Banknote issuance to GDP increases to 12.68% in February: CBE
CBE issued banknotes of EGP 411.559bn in February, compared to EGP 405.416bn in January
CBE completes new Banking Law draft, sends it to FEB for review
Foreign exchange shortage is over as Egypt collected $45bn since flotation, says CBE Governor
CBE launches initiative to finance microenterprises at end of May
About 37,000 small and medium-sized companies received loans worth EGP 101bn between December 2015 and December 2016
CBE resolves issue of temporary facilities obtained in foreign currency: Negm
Companies that owe more than $5m to banks will pay a 3.62% return on the value of debt and a 13.75% return on the local liquidity which will cover their indebtedness
Egypt’s MPC maintains policy rates as forecasted by CI Captial
The Central Bank of Egypt (CBE) decided to keep its overnight deposit and lending rates at 14.75% and 15.75% respectively, while the CBE’s main operations and discount rates were both kept unchanged at 15.25%. According to CI Capital, the CBE’s decision to keep policy rates unchanged following the 0.25% hike by the Federal Reserve System …
The Pound losing ground despite rising stock prices
In November, the Egyptian administration floated the Egyptian pound to secure a loan from the International Monetary Fund (IMF)
CBE allocates EGP 10bn to finance SMEs in several sectors
Financing priority given to companies working in the exporting sector and producers of alternative local goods, replacing imported goods
CBE calls on banks to reconsider limits of credit they grant clients
CBE issues regulations to benefit from covering debts of companies resulting from exchange rate differences
CBE sets controls for its initiative to renovate tourism sector
Banks finance 75% of total replacement and renovation cost, clients bear the remaining amount
CBE pumps EGP 2.5bn into United Bank’s capital
Supporting the bank’s capital is meant to support its ability to expand in various sectors and expand its role as a prelude to selling it
CBE to meet 8 times in 2017 to determine future of Egyptian pound’s interest rate
Direction of interest rate depends on inflation and government strategy, say analysts
CBE extends tourism sector support initiative until February 2018
The bank also decided to extend the retail loans initiative for employees of the sector until the end of June 2017
Foreign exchange reserves increase by $4bn to reach $23bn as of end of November
The Central Bank of Egypt (CBE) announced that its foreign exchange reserves increased by $4.01bn as of the end of November 2016, up from $19.04 to register $23.06bn at the end of October. According to a note released by the CBE on Monday, the size of its foreign currencies at the end of November rose …
Banks secure $2.2bn to meet customers’ needs since pound flotation: cabinet
Banks have received $2.6bn as of Monday, says CBE governor
CBE refutes rumours on changing banknote designs
The Central Bank of Egypt (CBE) denied rumours that it plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the CBE launched a competition among volunteers to create new designs for Egypt’s banknotes. The CBE said in a press release that it did not …
30% hike in inflation rate in short term: Beltone Financial
The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …
CBE launches hotline for complaints on malpractices in currency trading
The Central Bank of Egypt (CBE) launched a call centre hotline on Sunday under the number 16775. According to the CBE, this hotline is designated for complaints from clients regarding malpractices being carried out by banks and exchange bureau companies if they violate instructions on US dollar trading. The CBE will focus on violations relating …
Parliament approves Agriculture Bank Law, moving the bank under CBE’s authority
The Egyptian parliament approved a law that would oversee the transfer of authority over the Principal Bank for Development and Agricultural Credit (PBDAC) on Tuesday. “The Central Bank of Egypt (CBE) will have the full authority over PBDAC,” said the PBDAC’s chairperson Elsayed Elkosayer. Elkosayer told Daily News Egypt, that the parliament approval of this …
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched on Tuesday its regular weekly auction to sell US dollars to banks with the value of $120m. The auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. According to Osama El-Menilawy, the assistant general manager of the …
CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78
The Central Bank of Egypt (CBE) launched Tuesday its regular weekly auction to sell US dollars to banks, asserting that it is not intending to launch any exceptional auctions. With a value of $120m, the auction fixed the US dollar exchange rate at EGP 8.78; as a result, banks will sell it at EGP 8.88. …
State treasury receives EGP 24.92bn from CBE’s total profits in FY 2015/2016 ending in June
According to the CBE’s financial statements approved on 20 September, the bank’s profits increased during FY 2015/2016 by almost EGP 6.1bn
CBE vows to ‘punish’ banks lagging behind in SME support
The Central Bank of Egypt (CBE) vowed to punish banks that lagged behind on the implementation of the initiative launched earlier this year to support the financing of small- and medium-sized enterprises (SMEs). The CBE had earlier committed banks to grant no less than 20% of total loans to SMEs over four years. CBE sub-governor …
Would drop in reserves delay floating of EGP despite IMF report?
The timing of this move is in the hands of the CBE and is associated with many factors, not only the level of reserves, say analysts
Exchange companies to hold expanded meeting, discuss repercussions of official and popular escalation against them
We are ready to close immediately if this would solve the US dollar crisis, says El-Abyad
CBE stabilises US dollar exchange rate causing confusion in market
The higher inflation rate caused the CBE to postpone another devaluation of the pound until the end of this year, says analyst
Banks begin monitoring debit card transactions abroad
Misused debit cards will be suspended immediately, says the head of one bank
CBE launches new website
The new website is the first electronic index for supervisory instructions, says Helal
Strong expectations about pound devaluation by CBE after raising interest rates
Analysts warn about the negative impact on inflation rate if the step is not well-prepared