Latest in Tag: The Central Bank of Egypt Highlight
Latest in Tag: The Central Bank of Egypt
New system shortens time frame to execute payments in foreign currencies between banks in Egypt, reduces costs
Net foreign assets increase by EGP 125.9bn within four months
Banks in Egypt required to increase financing to MSMEs to 25% of credit facilities portfolio
CBE indicated that the capital of the 10 largest banks operating in the Egyptian market reached about EGP 120.822bn in September 2020
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
The move took place in cooperation with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
Country’s imports recorded $49.012bn, while exports reached $20.953bn in same period
Annual headline urban inflation declines to 4.2% in July, from 5.6% in June 2020
Auctions part of government plan to borrow EGP 600bn from local market in Q1 of FY 2020/2021
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.
Initiative aims to benefit clients of industrial, agricultural, and contracting private sectors whose annual work volume/revenues amount to EGP 200m or more
Banking sector’s financial position reaches EGP 6.165trn, capital adequacy ratio increases to 18.6% in March 2020
No strong prospects for inflationary pressures off of rising electricity prices or repercussions from exchange rate, says banking expert
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
Maintaining local currency attractive amid economic uncertainty due to Covid-19 crisis suggests keeping rates unchanged
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
Bank profits reach EGP 83.184bn last December: CBE
Bank profits reached EGP 83.184bn at end of December: CBE
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.
Banks given 3 months to filter databases, 12,000 companies, 320,000 citizens benefit from decision
Egyptian expat remittances, Suez Canal earnings, exports to fall
CBE sets daily limit for cash deposits, withdrawals in branches of EGP 10,000 for individuals, EGP 50,000 for companies
Initiative includes clients of financial leasing, real estate, factories , SMEs, personal loans, car loans, credit cards