Bank News
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CIB general assembly approves appointing Hisham Ezz Al-Arab as non-executive Chairman
The CIB said then that Ezz Al-Arab will come as a successor to Sherif Sami, who will continue as a non-executive member of the Bank’s Board.
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IFC's Vice President visits Egypt Monday, discusses private sector's contribution to economy
The IFC has a growing investment portfolio amounting to about $1.5 billion in investment projects in Egypt.
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CBE: Mothers Allowed to Open Accounts for Minor Children
The Central Bank stated that it is working continuously to remove all difficulties or restrictions that may prevent women from obtaining banking.
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Egypt to Join BRICS Development Bank to Cut Dollar Reliance
Egypt's joining of the BRICS New Development Bank will relieve the state budget of the pressure of finding US dollars to meet the country's imports.
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AUBE Reports 2022 Full Year Results, Recording 73.6% Growth in consolidated Net Profit Up To 2.04bn
The loans and advances portfolio surged by 36.5% during 2022, reaching EGP 53.9 bn as of 31 Dec. 2022.
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Profits of banks operating in Egypt hit LE130.8B by end of 2022
The net activity revenues amounted to about LE 407.592 billion, compared to LE 272.230 billion.
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Egypt approves increase in EBRD grant for first line of Cairo Metro
The grant aims at improving a number of practices, including a program for asset management, safety and companies' development.
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Banks' investments in securities, T-bills reach LE 4.428T by end of 2022
The CBE stated that the volume of investments of the largest 10 banks in these instruments amounted to about LE 3.533 trillion.
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What has Egypt fulfilled ahead of the IMF first review ?
New tax measures will be implemented in FY2023/24 (starting July 2023) to increase tax revenues by 0.3 percent of the GDP.
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Egypt awaits disbursement of IMF loan's 2nd tranche
It is scheduled that the value of the second tranche of the loan will be the same as the value of the first tranche, which is $347 million.
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No negative repercussions on Egyptian banking sector due to bankruptcy of Silicon Valley Bank
The CBE noted that the Egyptian banks do not have any deposits, investments, or financial transactions with Silicon Valley.
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CBE expected to raise interest rates by up to 300 bps in March: Goldman Sachs
Bloomberg said that the Central Bank of Egypt will take this decision after inflation in February far exceeded expectations.
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Banks to open accounts for free till end of March in celebration of International Women’s Day
On the occasion of International Women’s Day, banks will open accounts for free starting from March 8 to 31.
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The Central Bank of Egypt (CBE) amends withdrawal limits via PSP apps participating in IPN
The new withdrawal limits will be effective as of March 15th
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EGP flotation benefits Egyptian economy: Prime Minister
The flotation of the Egyptian pound since December under the new Extended Fund Facility programme with the IMF has benefited the industry sector.
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Egypt’s foreign debt falls from $155.7 bln to $154.9 bln in 1Q 2022/2023: CBE
The total debt services during the 1Q of FY2022/2023 inched down to $4.7 billion, compared to $6.2 billion registered in the 1Q of FY2021/2022.
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No withdrawal commissions when using bank ATM machines: Egyptian Banks Federation
It pointed out that cash withdrawal commissions relate to credit cards only when used in cash withdrawals from ATMs.
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Mastercard extends its partnership with the National Bank of Egypt
The partnership aims at bringing more unbanked and underbanked Egyptians into the formal economy.
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CAC: Egypt ranks first in Middle East to issue green sovereign bonds
The report pointed out that Egypt is the first country in the region to issue green sovereign bonds, with $750 million listed on the London Stock.
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18% return savings certificates can be redeemed starting March 22
The new push in the banking system will also to face the floatation of the pound and help customers with their life’s expenses.