Bank News
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Inertia Egypt secures $44.87mln bridge loan from two banks
Inertia Egypt CEO Ahmed El-Adawy reiterated the importance of supporting the real estate segment by the banking sector.
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Banque du Caire offers savings certificate with interest rate of 25%
The conditions are that the funds are to be spent at the end of the period, or 22.5 percent interest rate to be spent monthly.
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Fitch: Egypt's banking sector capable of facing repercussions of Egyptian pound depreciation
The report pointed out that the Egyptian currency may remain under pressure in 2023 due to the accumulation of imports.
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‘Positive direction’: CBE issues statement on Egypt’s current pound exchange rate
According to the CBE’s statement, it has covered more than two billion dollars of requests from Egyptian importers during the past three days.
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Central Bank of Egypt says food major driver of December 2022’s inflation of 21.3%
Annual headline urban inflation recorded an average of 13.9% in 2022 compared to 5.2% in 2021.
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Egypt’s NBE, Banque Misr to stop issuing 25% CDs before end of January
The issuance of these CDs aimed to contain the rising inflation, which is the highest in four years, by encouraging savings.
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Egypt to receive $271 mln loan from African Development Bank
MP Ahmed al-Banna said that Egypt’s food security has faced successive crises, starting with the coronavirus pandemic.
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Dollars flow into Egypt currency market after depreciation
The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade.
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Flexible exchange rate helps stabilize commodity prices, avoid random pricing
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
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Dollars flow into Egypt currency market after depreciation -bankers
The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade. It has since rebounded to 30.55 on Thursday
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CIB Egypt offers Certificates of Deposit with distinctive return, following NBE, Banque Misr
Commercial International Bank Egypt announced Tuesday, that it would raise the interest on Certificates of Deposit (CDs) for a year and a half.
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Egypt orders ministries to curb spending amid foreign currency crunch
The health, interior, foreign, and defence ministries are exempted, as well as agencies tasked with expenditure on subsidised food products and energy
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Economist expects National Bank of Egypt, Banque Misr to collect EGP1 trillion within 3 weeks
He pointed out that the new certificates offered by Banque Misr and Al-Ahly Bank, at a rate of 25%, contribute to collecting funds.
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Egypt commits to IMF to slow projects, increase fuel prices
In a letter of intent to the IMF dated Nov. 30, the government said it sought the support after the war in Ukraine increased existing vulnerabilities.
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Egypt to receive the second tranche of IMF’s $3 bln loan by end of March
The IMF approved in December a 46-month loan for Egypt under the Fund’s Extended Fund Facility (EFF) to address the impacts of the war in Ukraine.
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HD Bank registers block trading worth over $1.74mln
The transaction was carried out on 1.90mln of the bank’s shares.
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All you need to know about Egypt’s commitments, targets under new IMF programme
The report detailed the main targets and commitments the government has pledged under the four-year programme.
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World Bank: Egypt's economic reforms helpful in overcoming int'l crisis
Reforms since 2014 ease macroeconomic imbalances, enhance performance of energy sector, and mobilize financing enabled the country to face crises.
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Proceeds from high yield saving certificates in NBE and BM reach nearly EGP 100 billion in just 48 hours
The certificates are also available at a 22.5 percent yield for monthly disbursement.
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Egyptian banks collect EGP 24 billion from 25% certificates within two days
The head of Banque Misr confirmed that this scenario had been repeated before, as banks offered certificates and savings with a 20% return in 2017.