Bank News
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Egypt could apply flexible exchange rate by end of 2023: MP
The Central Bank of Egypt is considering implementating a flexible exchange rate policy by the end of 2023.
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GICs enable banks to stay competitive in fast-paced world: Mashreq’s MGN Egypt Head
GICs, also known as Global Capability Centers, are specialized entities established by companies in various locations around the world.
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Egypt's Commercial International Bank secures $250 mln loans from IFC
Commercial International Bank (CIB) has announced receiving $250 million in long-term loans from the International Finance Corporation (IFC).
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Agricultural Bank of Egypt, MSMEDA sign financing contract worth EGP 60m
Egyptian Family Development Initiative aims primarily to improve population and control its growth rates.
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Foreign exchange reserves increase to US$34.806 billion: Central Bank of Egypt
The CBE said that the value of foreign currencies included in the cash reserve rose to $27.044 billion at the end of June, compared to $26.686 billion
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Afriexim Bank: Egypt's Accession to African Payments System Boosts Import in Local Currency
Egyptian companies have an opportunity to capitalize on infrastructure projects in Africa that need more than $60 billion in funding.
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Is Egypt devaluing its currency anytime soon?
Speculations have gone viral about the possibility of Egypt devaluing its own currency.
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Egyptians Withdrew EGP 35.2 Billion from ATMs in Two Weeks
Withdrawals reached their climax on Sunday, June 25, with more than 1.6 million withdrawals at an amount of EGP 4.22 billion pounds in one day.
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Egypt-IMF deal stalls as devaluation rides on FX supply boost
When Egypt agreed a $3bn, 46-month financial support package with the IMF back in December, it vowed to adopt a flexible exchange rate regime.
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Finance Min.: EGP 50 Million of Coins Offered to Avoid Change Shortage on Eid al-Adha
The minister added that the Treasury and Mint Authority witnessed during the past few years an unprecedented boom in the field of "digitization".
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Banque Misr taps Talabat Egypt to provide financial and non-financial services MSMes
For the bank’s Head of the SMEs and Microfinance Sector Amr Demerdash, the agreement is part of Banque Misr’s strategy to support projects.
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AIIB to provide a guarantee of more than $200M in Egypt’s green panda bonds
Egypt is considered the first African country to issue panda bonds on the Chinese market and it plans to raise the equivalent of $500 million.
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Egypt's central bank keeps interest rates steady
Economic growth meanwhile eased to 3.9% in the fourth quarter of 2022 from 4.4% in the third quarter, the MPC said.
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CBE: Banks to Take Official Leave on Occasion of Eid Al-Adha
The Central Bank of Egypt (CBE) decided to suspend work in all banks, starting from Tuesday, June 27, until Monday, July 3.
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Egypt to introduce LE20 polymer notes before Eid al-Adha
The Egyptian State Information Service announced the release of a new LE20 polymer banknote ahead of Eid al-Adha.
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Why did Egypt’s inflation increase again in May? CBE answers
The annual food inflation increased to 60% in May 2023, and annual non-food inflation continued to increase to record 19% in May 2023.
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Egypt seen leaving interest rates on hold on Thursday
The MPC also left rates steady at its last meeting on May 18 despite surging inflation.
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Egypt’s central bank auctions $1.27bln debt instruments
The CBE issued another tranche of T-bills amounting to EGP 23 billion which carries a 364-day tenor until 18 June 2024.
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Egyptian bank assets rise 14 percent in first three months of 2023
Egyptian bank assets increased by 14 percent to nearly EGP 13 trillion ($420.71 billion) during the first three months of 2023.
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Egypt's central bank extends credit regulatory facilities for SMEs to mid-2024
CBE has extended credit regulatory facilities approved for Small and Medium Enterprises (SMEs) to the end of June 2024.