Latest in Banking Highlight
Latest in Banking
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
Meeting was held in cooperation with International Monetary Fund
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
CBE contributes up to 35% of new company’s capital, while NBE, Banque Misr, and Banque du Caire own remaining share
New rules allow banks to expand customer base, help them implement financial inclusion plan, and integrate informal economy into formal one, bankers say
The honoured students included those in the preparatory stage, as well as at high school, alongside visually impaired and technical diploma students.
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
NEW loan of $15m bolsters funding base for important economic pillars
Upper Egypt largest beneficiary of development projects implemented, seeing 79,000 projects put in place with EGP 6.7bn in loans
Award reflects bank’s sustainability initiative designed to raise awareness and employee engagement in sustainability practices
Returns on some savings certificates and loans automatically dropped by 0.5% after corridor price falls
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
The Bank is celebrating a year of achievements on the sustainability front since becoming a founding signatory of the United Nations Environment Program – Finance Initiative’s Principles for Responsible Banking
NBE, Banque Misr decision to halt 15% certificates and reduction of NIB A and B certificate returns unlikely to affect MPC decision
National Investment Bank reduces return on A, B saving certificates
The protocol was signed by Amr El Alfy, Head of Business Group at NBK, and EBC Managing Director Ahmed Rabea.
Banks allocate EGP 150.079bn to address doubtful debts, alongside reserves of EGP 319.817bn
The protocol was signed by Head of Business Group at NBK, Amr El Alfy, and Managing Director of EBC Ahmed Rabea.
The minimum subscription in the fund is estimated at about 100 securities and it allows investors to lend up to 90% of the value of the pledged securities. The fund is managed by Hermes.
Total financial position of banks working in Egyptian market rises to EGP 6.408trn
CBE to bear EGP 50m of pension withdrawal expenses until 2020-end
The agreement was made as part of the Central Bank of Egypt’s (CBE) initiative to support clients in industrial, agricultural, and contracting activities.
Bank’s total accounts grew 13.6% to about EGP 93.083bn last month