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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
MPC will consider market conditions, impact of emergency rate cut, inflation trend at Thursday meeting
Net FDI rose $773.8m to record net inflow of $5bn by H1 of FY2019/20
CBE sets daily limit for cash deposits, withdrawals in branches of EGP 10,000 for individuals, EGP 50,000 for companies
Banks reveal initiative details initiative, microloans in trouble
EGX 30 index closed at 9,912.98 points, recording an increase of 7.68%. EGX70 EWI index posted 14.15% gain concluding the session at 959.42 points, while the S&P index rose by 8.46% and concluded the session at 1,379.63 points.
Initiative allows access to subsidised loans at declining 8% interest rate
Government halts administrative distraint on defaulters in tourism sector for one year
Vice Chairperson and CEO of NSB Sharif Farouk denied what was reported about the bank not adhering to the CBE instructions due to his affiliation to the Ministry of Social Solidarity, noting that the bank coordinates with the CBE in this regard.
Alaa El-Sabaa, a member of the Automotive Division of the Federation of Egyptian Chambers of Commerce and Chairperson of El-Saba Automotive, said each bank will have a different lending rate, as each bank determines it according to its obligations to customers in terms of certificates, loans, and so on.
CBE included microfinance sector in the initiative on Monday
Initiative includes clients of financial leasing, real estate, factories , SMEs, personal loans, car loans, credit cards
Net foreign assets up EGP 75.1bn in 7 months, credit facilities rise to EGP 1.883bn in January
CBE’s decision to cut interest rate by 3% is a very proactive step towards strengthening the economy, says Real Estate Development Chamber
The CBE added that issuing the prepaid cards to citizens will be free of charge for a period of six months, provided that the cards are contactless, if a bank starts issuing this type of cards.
The CBE added that remittances in the second half (2H) of 2019 surged by about $1.6bn to $13.7bn, compared to $12.1bn in the corresponding period in 2018.
NBE, Banque Misr reduce interests of variable-return certificates only, hold them on two most important savings vessels
940,000 thousand customers are covered by the initiative, their total debts amount to EGP 11.308bn, value of marginal returns reaches EGP 4.25bn
CBE has taken strong measures in anticipation of possible impacts of global conditions on Egypt’s economy, says Tarek Amer
MSMEs loan installments postponed for six months without fines