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Egypt’s new banking draft law: opportunities and challenges
New law reinforces the independence of the CBE and banks’ boards of directors, prepares Egyptian market for a new era in financial technology
Egypt’s net foreign reserves break $45bn, the highest level ever
We need to study the reasons for the high BOP deficit, especially in exports and FDI, says Abdel Aal
Egypt’s tourism revenues jumped by 28.2% during last FY: CBE
Experts argue security stability is key behind hike in tourism, Sultan forecast sector to achieve $15bn by FY-end
Credit facilities by banks fall EGP 35.2bn in July to EGP 1.8trn: CBE
Private sector receives 60.3% of total facilities, industry at the forefront of beneficiaries, says CBE
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
Egypt has no problem in paying off its debts and foreign obligations: CBE
Abulnaga ruled out the impact of interest rate cut on foreign investments in Egyptian debt
Meeza card’s transactions reach EGP 2.2bn until September: CBE
This came during the event organised on Monday by the British Egyptian Business Association (BEBA), entitled “Digital assets and artificial intelligence”. The Egyptian now use Meeza cards to receive pensions, salaries, and even subsidies later on, she added.
Banks apply limited interest cuts after CBE slashes basic rates
Most cuts were limited to variable return certificates
Beltone forsees 0.5% interest rate cut in CBE’s coming meeting, 3% cut in 2020
We do not expect pressure on local currency after interest cut, exchange rate will average EGP 16-17 per US dollar, says Mamdouh
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 receives 1.3 tonnes of gold from Sukari mine until August
Company sells about 70 kg of gold per month to CBE to increase reserves, says El-Raghy
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.
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
Economists unanimously believe CBE will cut interest rates on Thursday
EFG Hermes’s Abu Basha foresees 0.5% cut, Pharos’ El-Swaify and Sigma expect 1.5%
CBE prioritises financial inclusion in line with Egypt’s strategy for sustainable development 2030: Helal
Activities of Arab Financial Inclusion Day resulted in opening of 1m accounts in Egyptian banking sector within 4 years
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
Egypt’s core inflation falls to 6-year low of 4.9% in August
EFG Hermes, Pharos forecast 1-2% interest rate cut at next MPC meeting
EU, GIZ support CBE to establish comprehensive database for financial inclusion
‘We offer European expertise to MCIT for further elaboration of e-commerce Law,’ says Surkoš
Banks issued over 31m e-payment cards in Egypt by end-2018: CBE
Largest ten banks in Egypt hold more than 81% of credit and debit cards
Bank financing’s contribution to budget deficit declines in 2Q19: CBE
Investors’ shift from T-Bills to T-Bonds reflects positive change in their macroeconomic outlook of Egypt
Egypt’s monetary policy should continue to aim to sustain inflation in line with its medium-term objectives: IMF
CBE’s decision to reduce interest rates reflects favourable inflationary trends, says Lall
Net foreign reserves up $52.1m to $44.969bn end-August
Value of gold reserve rises by $265m, decrease in foreign currencies value by $135m
GDP growth rate to continue moving onwards and upwards: CBE
Budget deficit projected to decrease to 8.2%, 7.2% of GDP in FY 2018/19-2019/20, respectively
Egypt scraps customs dollar; price to depend on CBE exchange rate
Government sources told Daily News Egypt that the decision was taken by the Minister of Finance, Mohamed Moeit, to unify procedures for all customs’ items.