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Central Bank of Egypt

CBE to raise interest rate by 50 bps

In its meeting held on Thursday, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to raise the main interest rate indicator by 50 basis points (bps). This in turn boosts the overnight deposit rate, overnight lending rate, and discount rate to 9.25%, 10.25%, and 9.75% respectively. The MPC noted that …

Hossam Mounir

HDB opens new branch, adopts tourism promotion initiative

Chairman of the Housing and Development Bank (HDB) Fathy El-Sebai recently inaugurated the bank’s newest branch in Mokkatam, putting the bank’s total number of branches at 63. The inauguration was part of the bank’s plan to target expanding the bank’s network to 100 branches. The bank’s geographic expansion strategy aims to reach the largest number …

Daily News Egypt

Cisco to build NBE’s modern generation of secured data centres

The National Bank of Egypt (NBE) employed the international telecommunication company Cisco to build its newest generation of secured data centres, which will provide customers with unlimited services and full security through Cisco’s modern NEXUS Switches. This agreement between NBE and Cisco is in line with their ongoing cooperation in the field of communications and …

Daily News Egypt

EGP 1.8bn increase in Barclays Egypt bank loans in 9 months

Clients’ loans in Barclays Egypt increased by EGP 1.8bn during the first nine months of 2015, from EGP 5.3bn in December 2014 to EGP 7.1bn in September 2015, a growth of 34%, according to Mohamed Sherif, member of the bank’s board of directors and director of the financial department. Barclays Egypt achieved an increase in …

Daily News Egypt

Bank Audi Egypt brings $347m to the Egyptian market

Bank Audi Egypt succeeded in bringing $357m to the Egyptian market, bank Chairman and Managing Director Hatem Sadek said Sunday. This comes as part of the bank’s commitment to resolving the dollar crisis and to meet its clients’ foreign exchange requirements, Sadek told Daily News Egypt. The bank’s parent group in Lebanon granted its branch …

Hossam Mounir