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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
CBE launches Meeza, Non-Cash Payment Law, FinTech Regulatory Sandbox, e-collection of government’s payments
CBE supports economy with many initiatives in face of crises such as COVID-19, says Negm
Administrations to report to each bank’s chairperson or his deputy
‘We have necessary liquidity to realise youth’s ideas, dreams that contribute to achieving state’s, CBE’s goals,’ says Gamal Negm
Negm said in a statement on Wednesday that the total debts of these clients amount to about EGP 63.6bn, pointing out that these defaulters will be exempted from part of their original debts and interests with a value of about EGP 17.4bn.
Country’s net international reserves reach $45.51bn in February, compared to January’s $45.457bn: CBE
16 T-Bills bids worth EGP 175bn, 10 T-Bonds bids worth EGP 37.5bn to be issued this month
Bank deposits increase to EGP 4.2359trn, household sector denominated 81.3%
Net foreign assets of the Egyptian banking sector rose by EGP 46.7bn in six months
Chief economist and banking analyst at HC, Monette Doss said, “Despite this, we expect the CBE to keep interest rates unchanged during its upcoming meeting before resuming monetary easing in its April meeting. Our expectation is based on (1) the drop in Egypt’s foreign currency deposits not included in net international reserves (NIR) to $4.41bn in January from $7.57bn in December going below its 2-year low of $5.20bn in January 2019
Growth of the real estate sector contributes to the continuous improvement of economic indicators: deputy governor
CBE said that monthly core inflation recorded 0.7% in January 2020 from 0.4% in January 2019, annual core inflation increased to 2.7% in January 2020
The CBE rejected other offers from investors who requested an interest of 4.10%.
Khodeir’s comments came during a roundtable discussion held to tackle the banking draft law and its role in enhancing Egypt’s economic development.