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Moody’s cited “banks’ high and increasing exposure to Caa1-rated Egyptian government debt”, which ties the system’s solvency to sovereign default risk.
Reuters – Egypt’s central bank said on Tuesday it would allocate EGP 10bn ($1.44bn) for low-cost housing projects, one of the demands in protests that led to the ouster of autocratic President Hosni Mubarak in 2011. Better living conditions, an end to official corruption and more democratic rights figured prominently in those protests. About half …
Demand from foreign markets is rising, but output and new orders are declining
QNB Financial Services accounted for 25% of transactions in the Qatari market, the biggest share.
The bank also raised its outlook for inflation.
The last IPO on the Egyptian exchange was in 2010.
Reuters – Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, said on Thursday it had completed its acquisition of Islamic Bank of Britain (IBB). Al Rayan did not disclose the terms of the purchase. IBB was majority-owned by another Qatari lender, Qatar International Islamic Bank, which had been in discussions with Al Rayan over a sale since mid-2012. Al Rayan said in a bourse …
Around 40 of Switzerland’s some 300 banks have already said publicly they will take part in a US programme set up to allow Swiss financial institutions to avoid US prosecution in exchange for coming clean and possibly paying steep fines.
The ministry says it is able to compensate for halted NGO health services
The central bank introduced dollar sales last December to help counter a run on the pound.
Egypt seeking investment from its Gulf Arab friends; Business ties with Qatar hurt by political dispute
Government interest in the sector fades and Central Bank postpones new initiatives
The library covers banking history in Egypt from the early 20th until present day, also providing context of Egyptian history in general.
The deposit was made as Tunisia’s Islamist-led government faces pressure from lenders such as the World Bank and the International Monetary Fund to make reforms to trim its budget deficit and end a political crisis.
The three mobile operators made proposals to CBE to collaborate on bettering cash transfer services
The main driver was banks’ heavy investment in government T-bills and bonds, whose yields jumped because of the state’s worsening financial position in the wake of the February 2011 revolution which ousted President Hosni Mubarak.
Independent unit to manage small- to medium-sized projects will be launched before the end of this year
New mortgage and savings certificate products were released during the last quarter
Vice-President for the MENA region visits Egypt for the first time since 30 June
HSBC forecasts a modest pick-up in export growth to over 4%
When Morsi took office in July 2012, Egyptian bank loans totaled EGP 503.2bn, compared to the EGP 544.8bn after his removal in July 2013.
Police arrested 12 men, aged between 23 and 50, in London, and later charged four of them, on suspicion of conspiracy to steal.
Bank: “Rumours aim to destroy the confidence in the stability and safety of the country’s economy”
The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), compared to EGP 283.6m during the first half of 2012.
Ministry calls for halting any land seizures that would prevent a Palestinian state
Central Bank releases bids for new bills worth upwards of EGP 7bn, at a 14.1% interest rate
Move by Central Bank aims to reassure foreign investors
President Morsy will issue a declaration in a few days to amend 2 articles of the presidential decree number 64 for 2004 governing the Central Bank of Egypt, according to state-owned Al-Ahram. The cabinet has already approved the modification to the law that was issued by the Supreme Council of Armed Forces (SCAF) last year. …
Iraq Central Bank head suspended, Mubarak’s Laundromat
The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy