Bank News
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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.
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Banks offer EGP 57bn within mortgage finance initiative for low-income people
Both banks and companies participating in the initiative offered EGP 59.43bn to about 509,000 customers.
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Panda bonds may be solution to reduce pressure on US dollar demand in Egypt
China has the highest economic growth rate and expansion around the world, Egyptian economist Ahmed Khattab, said.
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NBE injects EGP 100m in Irada Microfinance
Amr Abul-Azm, CEO, Managing Director, and founding partner of Irada, expressed his pride in the fruitful cooperation with NBE.
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Total financial position of banks in Egyptian market increases to EGP 12.780trn in February 2023
The Central Bank of Egypt (CBE) has revealed that the total financial position of banks operating in the local market, other than the CBE.
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International reserves jump to $34.66 billion in May 2023, CBE
Egypt’s net foreign assets (NFAs) deficit jumped to LE 755.68 billion in March 2023, according to a previous report.
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CBE: Egypt Paid $11.9 Billion in Foreign Debt within 6 Months
CBE paid about $7.154 billion by the end of Q2 2022/23, representing installments and interests for outstanding debts.
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Islamic banking accounts for approx. 5% of overall Egyptian banking sector, says EIFA
Egypt's banking market includes 14 banks authorized by the Central Bank of Egypt to offer Islamic products.
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Egypt "Largest Recipient" of Official Development Assistance in Africa- AfDB
Egypt leads African countries in terms of obtaining development funds in 2021, at a value of $8.2 billion.
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CBE Instructs Banks to Suspend Use of Prepaid Cards for Int'l Transactions
The foreign currency crisis currently facing Egypt has led banks to reduce the limits on all types of bank cards for international transactions.
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161% increase in net profit of Suez Canal Bank in 1Q 2023
He added that this was supported by an increase in net income from returns by 90% to reach EGP 707m in March.
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Banque Misr secures $260 mln loan from IFC to uplift MSMEs
Banque Misr will receive a $260 million loan from the World Bank's (WB) financial arm, the International Finance Corporation (IFC).
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AfDB highlights Egypt’s easing inflation, lowers avg. inflation rate forecast for next FY
Egypt’s GDP is expected to grow to 4.8 percent in FY2023/2024, slightly higher than the previously forecasted 4.4 percent for the current fiscal year.
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Head of Egypt’s central bank calls on AfDB to expand concessional loans to member states
Governor of the Central Bank of Egypt (CBE) Hassan Abdallah urged on Friday the African Development Bank (AfDB) to increase its lending to members.
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AfDB expects Egypt's GDP growth at 4.8 percent for FY 2023/24
Egypt's GDP growth is expected to increase to 4.8 percent in FY 2023/24, up from 4.4 percent in the current FY.
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Africa Investment Forum showcases $1.475bn in green energy deals at AfDB 2023 annual meetings
The Africa Investment Forum presented four projects to investors during the 2023 annual meeting of the African Development Bank Group.