Real GDP growth records -1.7% in Q2 of 2020, before recovering to 0.7% during Q3 of 2020
Latest by Hossam Mounir
Subsequent inflation target has been set at average of 7% (±2%) during Q4 of 2022, as announced in December 2020
A definitive agreement has been signed by BLOM Bank and the Arab Banking Corporation (Bank ABC) that will see the former sell its entire 99.4% stake in its Egypt operations to the latter. In an announcement by the two sides, the sale will take place subject to its obtaining the necessary approvals from the Central …
HSBC has ambitious business plans in the Middle East, North Africa and Turkey (MENAT), where a rebound in GDP and international trade will position the region as one of the fastest growing in the world over the coming decade. As the nine markets in which the bank operates in the region bounce back from the …
BLOM Bank Egypt employees expect new owners’ delegation to review work system
Decision aims to maintain banking sector’s integrity, take proactive steps to meet potential risks, say bankers
Banks will not make cash dividends from profits or retained earnings to shareholders in anticipation of potential risks associated with pandemic
MSMEs exempted from stamp tax, documentation fees, while custom duties on machinery, equipment reduced from 5% to 2%
Long-term dues account for 90.2% of country’s total external debt
Headline inflation records 5.1% in 2020, down from 8.5% in 2019
Milk collection centres have been termed as SMEs to benefit from Central Bank of Egypt’s initiative offering 5% interest on financing
Outlook for near term growth in global economic activity expected to be affected by second COVID-19 wave, preventive measures
Intra bank transfers to be carried out in 2 hours, while interbank transfers in 3 hours
FX reserves increase by about $364m to $35.399bn in December
The Central Bank of Egypt (CBE) has issued new instructions regarding the management of operation risks at banks working in the Egyptian market. The CBE also said that it is continuously following up on and applying international practices in the field of banking supervision in the Egyptian banking system. This takes place by regular observation …
According to the central bank imitative loan period ranges from seven to 10 years, with the repayment to be made in equal monthly instalments
The Central Bank of Egypt (CBE) has announced it has received 35 offers worth $1.0511bn from local and foreign investors, to cover a US dollar-denominated Treasury bills (T-bills) auction.
The Central Bank of Egypt (CBE) has decided to extend its initiatives to support defaulters, whether individuals or tourism companies, for a further six months.
The Central Bank of Egypt (CBE) will issue, on Monday, a tender for one-year US dollar-denominated Treasury bills (T-bills), worth $850m, due on 4 January 2022.
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) provided EGP 3.7bn in funding to 124,000 small and micro businesses from January to November 2020, according to Minister of Trade and Industry, and MSMEDA Executive Director Nevine Gamea. The funding helped create a total of 195,000 job opportunities, Gamea said. She added that EGP 119m …
Total of 52 T-bills bids worth EGP 463.5bn, 32 bids for bonds worth EGP 184bn to be issued during January-March period, says Finance Ministry
Banking sector has witnessed high financial stability in past years, allowing it to deal with many crises, contain their repercussions
National Bank of Egypt Chairperson Hisham Okasha said that this step is an important step for the bank towards reducing cash transactions
Egyptian economy contained reversal in portfolio investment flows thanks to its relatively stable foreign currency sources and large net foreign reserve
Extension reflects CBE’s keenness to protect national economy, preserve gains of reform
The Arab Monetary Fund (AMF) has announced that its Buna payment platform has conducted the first cross-border transaction in UAE Dirham (AED), between the UAE’s Mashreq Bank and Egypt’s Banque Misr.
Both banks cancel savings certificates with quarterly return
Bank aims to increase capital to comply with new banking law, expand geographically, achieve 25% growth rates in 2021, says CEO Ihab El Sewerky
Central bank to continue using monetary policy tools to control inflation expectations, and to containing inflationary pressures from the demand side
The National Bank of Egypt (NBE) is leading an alliance of banks working in the Egyptian market to arrange an increase in financing for Oilex, an Egypt-based international company for the extraction of multiple forms of oils.