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Egypt’s net international reserves retreat to $40bn in March amid global shocks
Bank directs $5.4bn to cover local hard currency needs, bridge gap from foreign investment decline
CBE abolishes black lists, allows irregular customers dealings with banks
Banks given 3 months to filter databases, 12,000 companies, 320,000 citizens benefit from decision
CBE imposes restrictions on cash transactions, penalty on contravening car dealers
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.
Consumer finance companies differ on CBE-offered loan payment delay
Drive securitises EGP 425m bonds, and will resume collecting postponed instalments from September
Al-Sisi advises CBE to study low-interest funds for tourism facilities
President met PM, ministers to discuss economic impacts of the coronavirus crisis
CBE abolishes sales cap on beneficiaries of its EGP 100bn industry support initiative
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 keeps interest rates on hold amid coronavirus outbreak
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
CBE to discuss fate of interest rates in MPC’s Thursday meeting
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.
FEB, CBE launche initiative to support coronavirus affected
Bank donations divided into four segments according to 2019 profits
Capital outflows shake emerging markets during Covid-19 crisis: CBE
Egypt’s monetary stimulus to support economic recovery and ease coronavirus impacts
CBE implements measures to contain COVID-19 economic implications: IMF
Egyptian expat remittances, Suez Canal earnings, exports to fall
Pharos expects CBE to keep interest rates unchanged in next MPC meeting
MPC will consider market conditions, impact of emergency rate cut, inflation trend at Thursday meeting
Egypt’s payments balance reaches $410m surplus in H1, FY2019/20
Net FDI rose $773.8m to record net inflow of $5bn by H1 of FY2019/20
CBE temporarily regulates cash deposits, withdrawals
CBE sets daily limit for cash deposits, withdrawals in branches of EGP 10,000 for individuals, EGP 50,000 for companies
Over 5 million beneficiaries for loan installments postponement: CBE
Banks reveal initiative details initiative, microloans in trouble
CBE starts EGX investment, raises hope of rebound
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.
CBE includes agricultural, aquaculture production firms in EGP 100bn industry support initiative
Initiative allows access to subsidised loans at declining 8% interest rate
CBE offers 2-year hotel loans with 6-month grace
Government halts administrative distraint on defaulters in tourism sector for one year
NSB defers loan repayments for 6 months under CBE’s initiative
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.
CBE’s cut of overnight lending rate to revive automotive sector
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.
Banks implement CBE’s initiative delaying loan instalments for individuals, companies
CBE included microfinance sector in the initiative on Monday
Initiative to postpone loan installments for 6 months applies to regular, irregular individuals, institutions: CBE
Initiative includes clients of financial leasing, real estate, factories , SMEs, personal loans, car loans, credit cards
Foreign investments in Egypt T-Bills increase $1.56bn in February: CBE
Net foreign assets up EGP 75.1bn in 7 months, credit facilities rise to EGP 1.883bn in January
Slashing interest rate protects real estate industry from COVID-19
CBE’s decision to cut interest rate by 3% is a very proactive step towards strengthening the economy, says Real Estate Development Chamber
CBE increases daily ATM withdrawal limits to EGP 30k, EGP 40k for individuals, companies respectively
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.
Remittances in Egypt reach $26.8bn in 2019: CBE
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.
Limited interest rate reductions on banks’ certificates despite CBE rate cut
NBE, Banque Misr reduce interests of variable-return certificates only, hold them on two most important savings vessels
EGP 9.9bn worth of debt waived under initiative to settle individual debts less than EGP 1m
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 cuts interest rate by 3% in emergency MPC meeting
CBE has taken strong measures in anticipation of possible impacts of global conditions on Egypt’s economy, says Tarek Amer
CBE takes measures against Coronavirus, repercussions on economy
MSMEs loan installments postponed for six months without fines