Bank News
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IMF Chief says Egypt may need to slowdown projects to avoid macroeconomic instability
The IMF’s projections for Egypt’s GDP growth fall below the Egyptian government target of 4.1% GDP growth target in fiscal year (FY) 2023/24.
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Egypt faces problems hindering first review of its loan programme: IMF’s Managing Director
Gerogieva said that the IMF is committed to supporting a more inclusive and effective debt resolution process.
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A cooperation agreement between "ADIB Egypt" and "New Avenue"
This agreement comes in light of the strategy of "ADIB Egypt", which is to provide banking solutions and financing methods.
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'High financing costs & EGP depreciations’ behind lowering growth forecast for Egypt: IMF
The IMF also downgraded its expectations for the country's real GDP growth in 2024 to 5 percent from the 5.3 percent it had projected in January.
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Egypt's urban inflation approaches its all-time high in March at 32.7%
Egypt is witnessing an inflationary wave that has been accelerating almost every month since the beginning of 2022.
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Egypt’s CBE announces 2-day bank holiday for Easter, Sham El-Nessim
Next week the Egyptian Coptic Orthodox Church and other Orthodox churches celebrate Easter according to the Julian Calendar.
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MIDBANK offers EGP 1bn in finance to major projects in various sectors during 2H 2022
MIDBANK was keen to cooperate with various banks to finance many mega projects, as part of its strategy to strengthen the syndicated loan portfolio.
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Government mulls adding Ebank to IPOs Program
On February 8th, the Cabinet announced that it would offer 32 state-owned companies and banks for sale on the Egyptian Exchange (EGX).
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World Bank issues negative forecast for Egypt’s economy
On March 14, the Egyptian government announced an expected growth of the economy during the current fiscal year by 4.2 percent.
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CBE auctions EGP 40 bln in treasury bills to fund budget deficit
The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) worth EGP 40 billion ($1.30 billion) on Sunday, divided into two issues.
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10 things you need to know about financial inclusion in Egypt
CBE released a report last Saturday highlighting the important figures regarding financial inclusion in Egypt, here are 10 facts from the report.
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Over 42 mln Egyptians have money accounts
Egypt's financial inclusion rates have improved between 2016 and 2022 by 147 percent, according to figures released by the Central Bank of Egypt (CBE)
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WB revises down its forecast for Egypt GDP growth in FY2022/2023
They revised it to four percent in each of these two fiscal years, down from 4.5 percent it projected in December of 2022.
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Proceeds of NBE, Banque Misr's fresh high-yield CDs record EGP 109 bln in 3 days
The NBE and Banque Misr offered two three-year CDs; one with a fixed monthly yield of 19 percent, the other with a decreasing yield of 22 percent.
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More banks in Egypt issue high-yield CDs with various maturities, yields
On Monday, QNB and CIB announced the issuance of new CDs with annual yields of 19.25 percent and 22 percent, respectively.
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FABMISR reports EGP 4.5bln net profit in 2022
During FY2022, the total value of deposits stood at EGP139.38 billion and was driven by a 35% increase compared to the previous year.
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Egypt aspires to increase cooperation with AfDB: Sisi
Up to 4,000 participants are expected to attend the 2023 annual meetings held at the Sharm El-Sheikh International Conference Centre on 22-26 May.
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CIB partners with IFC in managing climate risk
The goal is to assist the bank in assessing its climate risk exposure, and ensuring any climate-related financial risks are disclosed in its portfolio
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NBE, Banque Misr new CDs attract EGP 67 bln in 24 hours
NBE and Banque Misr issued 2 three-year CDs, one of them with a fixed yield of 19% disbursed monthly, while the second is with a decreasing yield 22%.
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Banque Misr: time period for availability of new CDs is open
Etreby added that the time period for the availability of new CDs is open and a date has not yet been set for their termination.