Bank News
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Saudi Al-Rajhi Bank suspends EGP transactions in kingdom
Saudi Islamic Al-Rajhi Bank, one of the biggest banks in the country, suspended transactions in Egyptian pounds across all of its branches.
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Egypt rules out currency devaluation amid IMF delegation’s visit
The IMF visit coincided with a new report by Moody’s, revising its outlook on Egypt from “stable” to "negative."
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Egypt’s CIB introduces new 3-year certificates with up to 22% yield
(CIB) has issued new premium certificates of deposits (CDs) that offer a fixed monthly yield of up to 22 percent.
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Egypt progresses toward Central Bank Digital Currency (CBDC) Implementation by 2030
CBDCs, a form of digital currency issued by a country’s central bank, differ from cryptocurrencies in that their value is pegged to the country’s fiat
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Additional banks join in on restricting FX transactions abroad, some suspend withdrawals
Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites.
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Egypt allows foreign companies to keep capital in foreign currency
Foreign companies can now retain their capital increase deposit in foreign currency, rather than having it converted to Egyptian pound by the bank.
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Egypt plans to issue bonds in local currencies of BRICS’ NDB members
Will include green, blue, social, and sustainable bonds to support Egypt’s Vision 2030.
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Egypt's Nasser Social Bank introduces new certificates with up to 20% yield
Egypt's Nasser Social Bank (NSB) has launched new certificates of deposit (CDs) that offer an annual yield of up to 20 percent.
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The impact of reduced foreign currency credit card limits
Since 2022, Egyptian banks have been grappling with the challenge of preserving foreign currency resources amid a server shortage.
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National Bank of Egypt and Banque Misr CDs sales amount to LE 205B
Mohamed El Etreby, Chairman of Banque Misr, also reported proceeds reaching LE 70 billion since the launch.
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Egypt's dollar bonds rally after Yellen signals support
Last month, the IMF appeared to shift its emphasis from the exchange rate to inflation targeting.
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World Bank mission visits Egypt to discuss state ownership policy and financing
A mission from the World Bank arrived in Egypt on Tuesday for a multi-day visit to discuss the development of the country's State Ownership policy.
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Proceeds of new CDs exceeded LE 32 billion in 3 days
The source added that NBE’s proceeds exceeded LE17 billion, while Banque Misr’s reached about LE15 billion on Monday.
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World Bank slightly downgrades Egypt’s growth forecast for 2024
The World Bank downgraded its forecasts for Egypt’s real GDP growth for 2024 to 3.5 percent from 3.7 percent in a previous estimate.
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Yellen to meet with Egypt's finance minister, central banker Tuesday
U.S. Treasury Secretary Janet Yellen will meet with top Egyptian finance officials in Washington on Tuesday.
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Egypt's central bank mandates 24% minimum interest on loans: Sources
The Central Bank of Egypt (CBE) has instructed all banks operating in the country to apply a minimum interest rate of 24 percent on loans.
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Egypt inflation expected to slow in December
Inflation has eased from a historic high of 38.0% in September, but inflation risks are growing again.
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Egypt to shift to flexible dollar exchange rate, aiming for EGP 39.6 by 2028: Cabinet
Egypt is set to adopt a flexible exchange rate policy to adjust the pound’s value against the US dollar to meet a 39.61 rate planned by 2028.
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NBE, Banque Misr expect EGP 500 billion proceeds from new CDs
On Thursday, NBE and Banque Misr announced the issuance of new CDs, offering annual yields of 23.5 percent and 27 percent, respectively.
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IMF Delegation to Visit Egypt Next Month to Conduct further Consultations
Cabinet spokesman Mohamed El-Homsany said that an IMF delegation is visiting the country this month to conduct further consultations.