Latest in Highlight
The country’s external debt in June 2020 also increased by 14.79% compared to June 2019 when it reached $108.7bn.
Two audit firms to look into CBE report on CIB violations, should financial fraud allegations stick
Financing programme for needy families, rural women, and craftsmen to be launched soon
A CBE statement read, “The CBE approved the decision of the CIB’s Board of Directors to appoint Sherif Sami, a board member and former chairperson of the Financial Regulatory Authority, as a non-executive Chairperson, as of date.”
Volume of doubtful debts allocations amounts to EGP 150.877bn, reserves amount to EGP 214.349bn
Makhlouf said that the academic curriculum in many Egyptian colleges should be developed, alongside a set of laws and legislations related to digital transformation. This would then ease the removal of all trade obstacles hindering entrepreneurs and small- and medium-sized enterprises (SMEs).
Cairo received lion’s share of MSME financing at 31.4%, followed by Giza at 15.5%
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
In a report released on Sunday, the CBE revealed that the monthly core consumer prices recorded a monthly rate of 0.1% in September 2020, against -0.2% in August 2020, and -2.3% in September 2019.
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 value of the gold balance included in the detailed data on reserve balances decreased by $159m to about $4.361bn during September 2020, compared to about $4.520bn in August.
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
Country’s imports recorded $49.012bn, while exports reached $20.953bn in same period
Banking sector deposits rise to about EGP 4.7trn, financial position of banks jumps to EGP 6.408trn by end of June 2020
NBE, Banque Misr decision to halt 15% certificates and reduction of NIB A and B certificate returns unlikely to affect MPC decision
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
Complete inventory is being undertaken of clients benefiting from CBE loan deferral initiative
Each bank must conduct careful review of existing credit facilities, and their customers’ future cash flows, to determine appropriate measures in this matter
Suez Canal revenues, tourism, exports, foreign investments, and remittances are most important resources for Egypt’s foreign currency reserves
Bank deposits up by EGP 84.837bn, loans rise by EGP 42.409bn
Thirty offers have been accepted at value of €605.3m
Annual headline urban inflation declines to 4.2% in July, from 5.6% in June 2020
Market anticipates CBE announcement, on Monday, regarding inflation in July 2020
Banks to provide full data on the company to which they are contributing more than 5% of issued capital
Egypt’s international reserves consist of foreign currencies, gold, special drawing rights (SDR), and net IMF loans. The FX reserves support the local currency, whilst fulfilling the country’s overseas obligations, and guaranteeing Egypt’s imports of basic commodities for several months.