Farouk said that the ABE’s field visits to inspect agricultural projects across Egypt aim to provide full support and financing for these projects. They also come in implementation of President Abdel Fattah Al-Sisi’s directives to maximise the preferential advantages enjoyed by the agricultural sector.
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The country’s external debt in June 2020 also increased by 14.79% compared to June 2019 when it reached $108.7bn.
Financing programme for needy families, rural women, and craftsmen to be launched soon
On his Facebook page, Ezz Al-Arab wrote, “In my 21 years of service to CIB, we have built an institution, growing its market capitalisation to more than $6bn, from $150m, and in the process being acknowledged as the best bank in global emerging markets in three of the past four years.”
The CIB Board of Directors has unanimously decided to appoint Sherif Sami as non-executive chairperson of the bank, subject to the Central Bank of Egypt’s (CBE) approval.
A CBE statement read, “The CBE approved the decision of the CIB’s Board of Directors to appoint Sherif Sami, a board member and former chairperson of the Financial Regulatory Authority, as a non-executive Chairperson, as of date.”
Volume of doubtful debts allocations amounts to EGP 150.877bn, reserves amount to EGP 214.349bn
Cairo received lion’s share of MSME financing at 31.4%, followed by Giza at 15.5%
Industrial complexes are fully equipped, with each featuring administrative buildings, showrooms, sales outlets, and supermarket
The Egyptian government has put in place a variety of fallbacks with which to protect the country’s poor and most vulnerable households, with the aim of improving the quality of life for citizens. These have also been designed to ensure a better standard in their economic, social, and environmental statuses.
Since Thursday, banks have granted customers the ability to open savings accounts free of charge, simply by providing a copy of their national ID card. The savings accounts are also exempt from administrative fees and are not subject to a maximum limit for their opening by new customers.
At 33.5% of GDP, debt levels are within safe limits compared to 48.7% in Latin America and Caribbean, 47.5% in Middle East, Central Asia
Monetary, financial stimulus policies and structural reforms alleviate pandemic’s consequences on neediest segments, support post-pandemic economic recovery
Dependence on aid decreased with easing of precautionaries to confront pandemic, survey shows
Meeting was held in cooperation with International Monetary Fund
In a report released on Sunday, the CBE revealed that the monthly core consumer prices recorded a monthly rate of 0.1% in September 2020, against -0.2% in August 2020, and -2.3% in September 2019.
GCC economies to shrink on average by 5.6% y-o-y in 2020, before they rebound to show growth of 3.9% y-o-y in 2021, HSBC predicts
Whole country’s CPI recorded 107.5 points for September
New rules allow banks to expand customer base, help them implement financial inclusion plan, and integrate informal economy into formal one, bankers say
The contract was signed by Minister of Trade and Industry and MSMEDA Executive Director Nevine Gamea and Banque Misr Chairperson Mohamed El Etreby.
The move took place in cooperation with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
In a recent report, the CBE stated that demand deposits in local currency also increased by EGP 18.829bn to EGP 507.804bn in August, compared to EGP 488.975bn in July.
Returns on debt instruments also see minor decreases
Tenders will be issued from beginning of October to end of December 2020: Finance Ministry
Country’s imports recorded $49.012bn, while exports reached $20.953bn in same period
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years
Banking sector deposits rise to about EGP 4.7trn, financial position of banks jumps to EGP 6.408trn by end of June 2020
Renewal for Okasha, El-Etreby and their deputies at NBE and Banque Misr, respectively, as Fahmy leaves IDB
Suspension of these certificates will increase competition among banks in attracting household sector deposits, says Tarek Metwally
NBE, Banque Misr decision to halt 15% certificates and reduction of NIB A and B certificate returns unlikely to affect MPC decision