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CBE refutes rumours on changing banknote designs

The Central Bank of Egypt (CBE) denied rumours that it plans to change the design of Egyptian banknotes. Rumours have spread on social media platforms and some news websites that the CBE launched a competition among volunteers to create new designs for Egypt’s banknotes. The CBE said in a press release that it did not …

Hossam Mounir

30% hike in inflation rate in short term: Beltone Financial

The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …

Hisham Salah

CBE launches hotline for complaints on malpractices in currency trading

The Central Bank of Egypt (CBE) launched a call centre hotline on Sunday under the number 16775. According to the CBE, this hotline is designated for complaints from clients regarding malpractices being carried out by banks and exchange bureau companies if they violate instructions on US dollar trading. The CBE will focus on violations relating …

Hossam Mounir


Parliament approves Agriculture Bank Law, moving the bank under CBE’s authority

The Egyptian parliament approved a law that would oversee the transfer of authority over the Principal Bank for Development and Agricultural Credit (PBDAC) on Tuesday. “The Central Bank of Egypt (CBE) will have the full authority over PBDAC,” said the PBDAC’s chairperson Elsayed Elkosayer. Elkosayer told Daily News Egypt, that the parliament approval of this …

Hossam Mounir

CBE vows to ‘punish’ banks lagging behind in SME support

The Central Bank of Egypt (CBE) vowed to punish banks that lagged behind on the implementation of the initiative launched earlier this year to support the financing of small- and medium-sized enterprises (SMEs). The CBE had earlier committed banks to grant no less than 20% of total loans to SMEs over four years. CBE sub-governor …

Hossam Mounir