Bank News
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Central Bank of Egypt to launch six tenders for T-bills, bonds totalling $2.51bln
The funds are earmarked for settling past debts and addressing the national budget shortfall.
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South Africa’s Standard Bank Group to set up Egypt office in 2024
The South African bank’s presence in Egypt will allow it “to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridor.
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Minister of International Cooperation highlights World Bank's role in development financing
Al-Mashat also discussed regional and international challenges and their impact on developing countries and emerging economies.
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Faisal Islamic Bank’s standalone profits surge 179% YoY in Q1
Revenues grew 82.4% to EGP 10.175 billion in Q1 2024 from EGP 5.580 billion in the same quarter last year.
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World Bank raises its growth forecast for Egyptian economy to 4.2% in 2024/25
The bank has lowered its expectations for Egypt's economic growth during the current year to 2.8 percent from its previous estimates of 3.5 percent.
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Central Bank of Egypt Raises ATM Withdrawal Limits to EGP 30,000
Previously, the limit for ATM withdrawals was EGP 20,000, and for withdrawals from bank branches was EGP 150,000.
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Everything you need to know about the new 85% CD from ABK-Egypt
The Al Ahli Bank of Kuwait – Egypt on Tuesday announced the launch of a three-year certificate of deposit with an interest rate of 85 percent.
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Banque Du Caire Introduces Green Financing Programs For Solar Panels In Egypt
This move aligns seamlessly with Banque Du Caire’s persistent endeavors to promote sustainable financial solutions.
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Egypt banks to close for six days for Eid Al-Fitr
The Central Bank of Egypt (CBE) has announced that banks operating in Egypt will be closed from Tuesday 9 April to Sunday 14 April to celebrate Eid.
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IMF ties Egypt loan disbursements to currency flexibility
Egypt will have immediate access to $820 million this week and another $820 million after a review to be completed by the end of June.
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National Bank of Egypt intends to invest five billion LE this year
These new investments will be in the sectors of financial technology, real estate development, chemical industries, and engineering industries.
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CBE unveils key banking soundness metrics for 2023
According to a recent report, CBE noted a decrease in the ratio of non-performing loans to 3% at the close of 2023.
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Full financing by Egyptian Banks clears accumulated goods at Egypt's Ports
This has resulted in the prompt release of goods, particularly food commodities, medicines, feed, and production necessities.
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CIB raises yields on CDs by 2% for 2nd time in two months
Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent.
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Egyptian pound Appreciates against Foreign Currencies
The exchange rates of foreign and Arab currencies declined against the Egyptian pound at the end of trading on Tuesday in Egyptian banks.
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.
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Moody’s changes rating for 5 Egyptian banks
Credit rating agency Moody’s announced on Tuesday that it has changed the ratings and estimates of five internationally ranked Egyptian banks.
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Total hard currency sold to Egypt's exchange firms hits $20M within 6 days
Al-Ahly Exchange Company accounts for the largest proportion of the proceeds, with a value of EGP 577 million since the decisions of the Central Bank.
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IMF Lines Up $1.5 Billion to Egypt within Weeks
The amount will include the first and second review tranches, which were postponed earlier.
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Egyptian banks adjust withdrawals and purchases limits for cards abroad
Banks operating in the Egyptian market have begun raising credit card withdrawal limits following orders from the Central Bank of Egypt.