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Initiatives are to help Egypt’s economy overcome ongoing pandemic
Annual headline inflation increased due to higher annual food contribution which offset lower contribution of non-food items
We moved quickly to preserve economic gains since launch of national economic reform programme, says CBE
The initiative had initially been set up to provide finance to private sector companies in the manufacturing and agriculture sectors with sales of EGP 50m.
Move is to protect commercial sector and allow it to fulfil obligations
Doss added, “Less working hours have also disrupted production activity possibly leading to relative supply shortages of some goods also posing inflationary pressures.”
Abdel Raouf added that attention must be paid to distributing the funds equally to all contracting sectors companies, regardless of their size.
Financial position of banks operating in local market touches EGP 6trn, deposits and loans rise
Bank honours all of its external obligations amounting to around $1.6bn
25 offers worth $975.4m were accepted
Proceeds cover a previous tender, worth $1bn, offered in May 2019
HC Securities adopts cost reduction policy, focuses on online transactions
Bank profits reach EGP 83.184bn last December: CBE
Bank profits reached EGP 83.184bn at end of December: CBE
Top 5 banks account for 50.1% of sector’s total profits, top 10 achieve EGP 58.7bn profits
Instead, Berzi suggested that companies should no longer have these limits, since many conduct their financial transactions in cash.
In March, the CBE issued regulations due to the coronavirus oubtreak allowing borrowers to defer paying instalments on bank loans for a period of six months.
The rise in remittances from workers abroad shows an increase rate of 33.6%, bringing the total amount of remittances in the first two months of the year to about $5.2bn. The latest figures compare to the roughly $3.9bn in remittances reported during the same two months last year.
The CBE added that its consumer price index (CPI) inched up to 0.4% in March, compared to 0.2% in February and 0.5% in March 2019.
Bank directs $5.4bn to cover local hard currency needs, bridge gap from foreign investment decline
Banks given 3 months to filter databases, 12,000 companies, 320,000 citizens benefit from decision
The CBE has set a daily limit for cash deposits and withdrawals at bank branches for a temporary period at EGP 10,000 for individuals and EGP 50,000 for companies. The latter are exempt from these limits in case of paying salaries or other obligations.
Drive securitises EGP 425m bonds, and will resume collecting postponed instalments from September
President met PM, ministers to discuss economic impacts of the coronavirus crisis
The CBE added that the decision aims to maximise the benefit of its initiative issued at the end of the previous year, which provides loans at an 8% interest rate through banks.
CBE said that the COVID-19 outbreak, as well as the associated containment measures, induce a considerable disruption to economic activity and financial markets globally
The CBE said this step comes in light of global developments and the consequent movement to preserve the Egyptian economy’s gains since the launch of the national economic reform programme. It is also to preserve the proactive steps the CBE takes in exceptional circumstances.
Bank donations divided into four segments according to 2019 profits
Egypt’s monetary stimulus to support economic recovery and ease coronavirus impacts
Egyptian expat remittances, Suez Canal earnings, exports to fall