Bank News
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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.
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Banks Federation head urges caution as hot money flows into Egypt after flotation, rate hike
Head of Egypt’s Banks Federation Mohamed El-Etreby urged caution amid an influx of hard currency into Egypt.
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Egypt secures extra $5 bn in IMF loans as pound plunges
Egypt secured an additional $5 billion in IMF loans on Wednesday, the two sides said, after the central bank hiked interest rates.
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Egypt raised interest rates to curb inflation: CBE Governor Abdullah
The state has recently raised interest rates by 6 percent to contain inflation and support citizens.
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Egypt hikes interest rates by 600 basis points, pound crumbles to record low
Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency.
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Egyptian Banks Issue 30% Saving Certificates
The National Bank of Egypt (NBE) decided to offer a three-year certificate with a decreasing interest, at an annual price of 30% for the first year.
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CBE Eases Limits on Foreign Currency Credit Card Use
On Wednesday morning, the Central Bank of Egypt raised interest rates by 600 basis points, equivalent to 6%, to reach levels of 27.25%.
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Dollar soars to EGP 49.5 on first day of exchange rate liberalisation
The average price of the dollar in the banking market reached EGP 49.4743 for buying and EGP 49.5743 for selling, according to the CBE
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EBRD invests $95M in Egyptian banks, private sector during 2024
Egypt's broader efforts to increase the proportion of renewable energy in its total energy generation to approximately 42 percent by 2030.
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ADIB Egypt withdraws acquisition offer of Cairo National for Investment
The offer was originally submitted on 14 December 2023, according to a bourse filing.
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EBRD Board of Directors visits Egypt
Representatives of the EBRD Board of Directors will visit Egypt from 25 February to 1 March 2024.
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Details of the 40.5 percent high yield CDs from Emirates NBD – Egypt bank
The bank also announced the offering of an eight-year certificate with a variable return of 21 percent annually.
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30 million dollars to support small and medium enterprises in Egypt
ICD has provided $315 million in financing to Egypt, supporting private sector companies, financing lines to banks, and direct investments.
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Egyptian banks’ high-yield saving certificates garner record EGP 642 billion in 6 weeks
According to the reports, the National Bank of Egypt (NBE) attracted EGP 450 billion and Banque Misr collected EGP 227 billion.
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6 Insights into CBE's new rules for overseas credit card usage
Due to Egypt's foreign currency challenges and the need for stricter financial oversight, CBE implemented new rules for using credit cards abroad.
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Egypt central bank introduces measures regulating credit card use overseas
Customers who fail to provide documented evidence of credit card use during their stay abroad within a max of 90 days will be subject to measures.
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World Bank investments in Egypt amounts to $26B across 175 projects
This announcement was made during a meeting between Egypt's Prime Minister, Mostafa Madbouly, and the President of the World Bank, Ajay Banga.
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IMF anticipates increase in support to Egypt will be ‘large in size’
Georgieva noted that the fund seeks “To give a dose of confidence to the Egyptian economy by enhancing the size of the support program.”