Latest in Banking Highlight
Latest in Banking
Egypt’s current account records $8.2bn deficit in FY 2018/19: CBE
BOP records 0.1bn deficits, oil trade balance records $8.1m surplus, FDI net inflows decrease by $1.8bn to $5.9bn
Banks apply limited interest cuts after CBE slashes basic rates
Most cuts were limited to variable return certificates
Egyptian pound gains 5 piasters against the US dollar despite CBE’s interest rate cut
The average official price of the US dollar at the Central Bank of Egypt (CBE) fell to EGP 16.2186 for buying and EGP 16.3186 for selling on Sunday, down from EGP 16.2669 for buying and EGP16.3669 for selling last Thursday.
Banks allocate EGP 122bn to face doubtful debts until June 2019: CBE
Slight increase in non-performing loans at banks in 1H 2019, reaching 4.2% of total loan portfolio compared to 4.1% at end-March, says CBE
CBE authorises 28 banks to provide mobile payment services in Egypt: Amer
Subscribers reach 13.5 million by end-June, with a total value of transactions of EGP 20bn as of September
Egyptian banking sector awaits repercussions of interest rate cut
Banks will begin Sunday to discuss the fate of interest on their CDs, deposits, and loans
CBE cuts interest rates by 1% in line of expectations
This is the second interest cut in a row following the 150 basis point on 22 August, and the third in 2019.
Strong expectations that CBE’s basic interest rates will be cut by 50 to 150 basis points
MPC ecided at its meeting on 22 August 2019 to reduce the interest rate by 150 basis points for overnight lending, overnight deposit, and CBE’s main operation, to settle at 14.25%, 15.25%, and 14.75% respectively.
HDB’s mortgage portfolio amounts to EGP 6.6bn: vice chairperson
Bank ready to join CBE initiative to finance middle-income housing once it comes into effect: Sebaey
ADIB-Egypt signs EGP 200m deal with Ora Developers to develop Sheikh Zayed Central Park
“We hire companies with proven track records of building integrated, modern urban communities”: Sawiris
HC expects interest rate cut by 100 bps at CBE’s Thursday meeting
Inflationary pressures to ease dramatically following July’s subsidy lift, says Monette Doss
Orascom Construction to build HDB headquarters at the NAC for EGP 636m
Building located on 9,843 sqm, to be completed in 18 months
UNB – Egypt eyes 3% market share by end-2023: El-Sewerky
Bank working to advance production, achieve sustainable development in Egypt by focusing on vital sectors such as industry, renewable energy
Youth tops CIB’s priorities: Abaza
“We seek to keep pace with banking developments in the world,” says bank’s CEO
Banks’ SMEs funding amounts to EGP 146bn, targeting EGP 200bn by year-end: El-Etreby
The CBE has instructed banks working in the local market to allocate 20% of their loan portfolios to finance SMEs. El-Etreby pointed out that NGOs were also included within this segment.
Banks reduce NPLs allocations by EGP 2.95bn in June 2019
Reserves declined to EGP 236.06bn end-June, compared to EGP 238.89bn end-May
Household sector accounts for 80.4% of total bank deposits
It accounts for 83.6% of total deposits in local currency, 68.7% in foreign currency
EBI’s role goes beyond training employees in banking sector: Nossier
Institute started offering more developed training courses to support financial inclusion, says EBI Executive Director
AAIB arranges EGP 6bn securitised bonds, Egypt’s biggest transaction in 2019
A securitisation transaction is a debt capital market financial instrument whereby future receivables are converted into financial securities which can then be listed and traded on the stock exchange.
Madbouly, Amer inaugurate 43rd session of Council of Arab Central Banks Governors, Arab Monetary Associations on Sunday
Meetings discuss latest economic, financial, monetary developments, banking supervision, financial stability, inclusiveness, and modern financial technologies, according to AMF
Bank deposits up by EGP 95.471bn recording EGP 4.007tr in June
Banks’ credit facilities see EGP 224.7bn rise, private business sector holds 60.7%
Domestic public debt records EGP 4.205tr in end-March
Domestic debt records 79% of GDP, of which 86.4% is owed by the government, 7.3% by public economic bodies and 6.3% by National Investment Bank
Subscription in ATAA charitable fund to start on 7 October: NSB
The NSB’s board of directors agreed to allow Banque Misr, the National Bank of Egypt (NBE), and the Suez Canal Bank to receive subscription, purchasing, and underwriting offers for the fund.
ABE participates in launching digital platform for agriculture
This platform recognises the ABE’s role in the digital transformation in Egypt, Chairperson of the ABE Elsayed Elkosayer said.
EBE allocates EGP 200m to develop its technological infrastructure in FY 2019/20
In a statement to Daily News Egypt during his participation at the Euromoney conference on Monday, Galal said the bank is reviewing its budget on an ongoing basis, according to market developments and services provided.
Non-bank financial activities use financial technology to shape new future
The FRA’s plan includes proposing the appropriate legislative amendment to adopt electronic means as an approved means of notification, and deal with the entities subject to the FRA’s control
Successes achieved in financial inclusion qualify Egypt to become regional fintech centre: Raouf
Egyptian Banks Company has completed all the technical, infrastructure matters necessary to implement electronic payment system
Egypt becoming more business friendly, progressing toward digital economy: Blanchet
Banks play an important role in supporting, promoting FDI, financial inclusion
Banks’ demand for fintech training programmes dramatically increased: Nossier
There is constant cooperation, coordination between EBI, CBE’s payment systems, IT department
UNB-Egypt to expand strongly in technological services over next 5 years: El Sewerky
‘We are contracting an electronic payment company to provide repayment of loan instalments, credit card dues electronically’