Bank News
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Egypt’s NIR rises slightly in December 2023
Egypt’s Net International Reserves increased by $47 million to record $35.22 billion in December, its highest level since May 2022.
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NBE, Banque Misr issue new certificates with up to 27% yield
The National Bank of Egypt (NBE) and Banque Misr announced Thursday issuing new certificates of deposits (CDs) with 23.5 percent and 27 percent annual
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IMF mission could visit Cairo in January for new loan time-frame: Cabinet Speaker
A mission from the International Monetary Fund (IMF) would probably visit Cairo in January to finalize a new time frame for the loan agreement.
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Central Bank yet to announce flotation of Egyptian pound: MP
Senate member Ahmed Samir said that the Central Bank of Egypt (CBE) has not officially announced the flotation of the Egyptian pound so far.
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Egyptian banks to close on Sunday for Christmas
Egyptian banks will be closed on Sunday, 7 January, in celebration of Christmas for the Orthodox Church, according to a statement by the Central Bank.
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Egyptian banks to repay over EGP 500 bln CDs in January: Where will they go?
The National Bank of Egypt (NBE) and Banque Misr are set to repay more than EGP 500 billion in principal and interest of 22.5 percent and 25 percent.
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Egyptian remittances drop 29.2% in Q1 FY2023/2024
Remittances from Egyptians working abroad dropped 29.22 percent to $4.52 billion in the first quarter of the fiscal year 2023/2024.
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IMF: High Interest Rates Impose Pressure on Banks in MENA Region
This environment could lead to tightening financial conditions, stirring a wave of credit pressure, and reducing the available funding.
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Get to Know Egyptian Pound Value against BRICS Currencies in 2024
In the following report, we present the price of the Egyptian pound against the most important currencies of the BRICS countries.
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Beware of 'frozen dollar' notes in Egyptian parallel market
If you deal in the currency parallel market, you should beware of frozen dollar notes, which are invalid currency with deactivated serial numbers.
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Dollar prices stable at major Egyptian banks
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 30.75 for buying and LE 30.85 for selling.
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Egyptian Banks Suspend Use of New Credit Cards Abroad for 6 Months
This helps to stop the misuse that has been monitored on foreign currency transactions abroad and at home through credit cards.
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CBE Grants Banks 6 Months Deadline to Update Controls on Money Laundering, Terrorsim Financing
The circular explained that these updated controls came with reference to the supervisory controls for banks regarding combating money laundering.
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Egypt inks $460.4M financing deals with Korea's Eximbank, IsDB
The main objective of these agreements, as outlined in the MoIC report, is to support Egypt's efforts to achieve comprehensive and sustainable growth.
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Will the Central Bank of Egypt’s decision to fix interest rate be reflected in prices?
According to the CBE, the core inflation rate declined for the fifth time in a row – recording 35.9 percent in November.
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Egypt received 15% less remittances annually in 2023, World Bank
According to recent data from the Central Bank of Egypt, there was a reported 38 percent decline in remittance flows during the first half of 2023.
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CBE’s MPC keeps key interest rates unchanged as 2023 ends
This leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the rate of the main operation at 19.75 percent.
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Egypt explores possibility of Gulf currency-denominated bonds
In November 2023, Egypt achieved a successful sale of nearly $500 million worth of 5-year Samurai bonds in the Japanese market.
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EBRD provides $100 mln loan to National Bank of Egypt
Half of the loan will be dedicated to Egyptian private MSMEs in regions outside of Cairo and Alexandria.
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Egypt in talks with IMF for new timeframe: PM
The Egyptian government is in talks with the International Monetary Fund for a new timeline for the loan deal, Prime Minster Mostafa Madbouly said.