Bank News
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IMF to review Egypt’s reform program twice in September
The IMF’s first review was originally scheduled for March, but failed to take place.
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Egyptian banks poised for African expansion
This follows the increase in minimum operating capital required by the central bank, currently at E£5bn.
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Central Bank of Egypt partners with London Banking Institute for talent development
The MOU will focus on collaboration on talent development for the workers in the Egyptian financial sector,
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NBE offers buying EgyptAir tickets in installments over 12 months
In order to obtain the offer, the buyer should use the credit cards of the National Bank of Egypt to pay the first installment of the third month.
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Egyptian Bonds Seize Biggest Gains in Emerging Markets after Rate Hike
The bonds due in February 2026 increased about 0.9 cents on the dollar to 53.4, snapping its biggest gain since July 14.
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Egyptian Banks to Raise Rates to 19.5% following CBE's Decision
The interest rate on the platinum certificate with a variable return offered through the NBE is expected to increase from 18.5% to 19.5%.
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Egypt’s central bank raises interest rates by 1%
The rates of the overnight deposit and lending return were raised by 100 basis points, to reach 19.25%, 20.25% and 19.75%, respectively.
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CIB launches 6 percent 1-year USD certificates in Egypt
The Commercial International Bank (CIB) launched Thursday a one-year USD-denominated certificate of deposits (CDs) with a monthly yield of 6 percent.
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Crédit Agricole Egypt generates over $81mln consolidated profits in H1-23
In the January-March 2023 period, the EGX-listed bank posted a 148.96% leap in consolidated net profit.
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Will Egyptian banks offer new high-yield CDs?
Metwally added that after the decision, the variable interest rates on deposits will rise directly by one percent.
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EBRD invests €27 mln in Egyptian bonds to finance municipal infrastructure
The European Bank for Reconstruction and Development (EBRD) has invested €27 million in securitized bonds issued in Egypt.
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Egyptian pound to be devalued in September/October: Morgan Stanley
US investment bank Morgan Stanley anticipates that the Egyptian pound’s exchange rate against foreign currencies will further decline.
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Egypt's banks offer fee-free accounts with no minimum deposit until mid-August
This is in light of the Central Bank of Egypt’s (CBE) celebration of International Youth Day on 12 August.
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Egypt's net foreign assets deficit soars 125 percent to $27 bln over a year: CBE
The deficit in Egypt's net foreign assets surged by over 125 percent on a yearly basis in June, according to data released by the CBE.
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Egypt government debt-to-GDP estimated at 97% in FY2022/23: Finance minister
Egypt's government debt-to-GDP ratio is expected to reach 97 percent at the end of June 2023, according to Minister of Finance Mohamed Maait.
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Abu Dhabi Islamic Bank Egypt names Minister Al-Mashat as board member
Egyptian Minister of International Cooperation Rania Al-Mashat has been appointed as a member of the board of directors of the Abu Dhabi Islamic Bank.
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Egypt’s Central Bank, Vietnam’s SBV ink MoU to boost cooperation
Lu Quand led a delegation to Egypt to discuss ways to boost its cooperation with the Arab country in the trade sector.
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Egypt launches ‘Ubuntu Iniatiative’ to help countries ease debt burdens
The title comes from the South African philosophy of “Ubuntu”, which translates to “I am because you are” and reflects the shared struggles of mankind
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Fitch Affirms Banque du Caire at 'B'; Outlook Negative
Fitch Ratings has affirmed Banque du Caire S.A.E.'s (BDC) Long-Term Issuer Default Rating (IDR) at 'B' with a Negative Outlook, and Viability Rating.
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As deficit soars, Egypt expands money supply, fuelling inflation
Central bank figures show "M1" money supply, which includes domestic currency in circulation and demand deposits in Egyptian pounds.