Bank News
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Egypt issues its first Islamic sukuk
Egypt initiated on Tuesday the issuance of its first US dollar-dominated sovereign bonds, known as Islamic sukuk, with a maturity of three years.
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CIB sign USD 50 mln credit guarantee to support SME customers in Egypt
CIB has always been committed to providing innovative products and banking solutions to its SME customers.
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Officials at FRA, CBE, EGX review latest developments in national economy
The meetings were held to cast a spotlight on the latest developments in the Egyptian economy.
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Al Baraka Bank-Egypt’s 2022 consolidated profits hit $56mln; dividends proposed
Earnings per share (EPS) stood at EGP 2.12 last year, higher than EGP 1.37 in 2021, according to the income statements.
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5 Indicators that reveal the direction of Egypt’s Economy
Policy makers see it different this time, after a large group of promised reforms that will transform Egypt’s markets and its economy.
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Egypt court to rule soon in case over Intesa's local unit
Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment outflows in the wake of the Ukraine war.
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Real-time gross settlement between banks records EGP 10.85trn in January 2022
The total RTGS in 2022 amounted to EGP 119.901trn through about 2.836 million transactions.
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Long Live Egypt Fund allocates bank account for Syria relief
The fund has designated a hotline No. 15118 to receive inquiries, to receive contributions from inside and outside Egypt to provide relief to Syria.
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World Bank to discuss five-year program for Egypt in March
The international financial institution has already committed $900 million to the North African country this fiscal year.
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EBRD downgrades forecasts for Egypt’s growth by 1% in FY2022/23
Highlighting Egypt’s economic scene, the report explained that the country’s economy recovered strongly from the COVID-19 pandemic in FY2021/2022.
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CBE reveals reasons for high inflation in Egypt
It attributed this rise to the continuation of supply chain disruptions and fluctuations in the exchange rate of the Egyptian pound since March 2022.
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Egypt's external debt declines to $154.980B by end Q1 2023
The International Monetary Fund (IMF) had previously predicted a decline in public debt as a percentage of GDP, to record 88.3 percent.
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ADIB Egypt sees 51% higher consolidated profits in 2022
Abu Dhabi Islamic Bank-Egypt generated consolidated net profits after tax worth EGP 2.18 billion in 2022, an annual leap of 51% from EGP 1.45bn.
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Suez Canal Bank aims to provide best electronic services in Egypt
The bank’s strategy aims to turn it into the strongest banking institution providing electronic services in the Egyptian market.
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Egypt is taking critical steps towards managing fiscal risks
Georgieva said that the region’s inflation is expected to gradually decline as commodity prices settle and tighter monetary and fiscal policies work.
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The Egyptian Banking Institute signs an agreement with Egyptian Banks Company
The MOU comes in line with the strategic cooperation between EBI and EBC, with the purpose of providing training programs for member banks.
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USD/EGP rises 8 piastres to 30.55
The official price of the dollar in the Central Bank of Egypt (CBE) recorded EGP 30.55 to sell and EGP 30.46 to buy.
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African development bank appoints Abdourahmane Diaw as country manager for Egypt
Immediately prior to his appointment, Diaw was Officer in Charge of Egypt Country Office and served as Regional Manager.
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ADIB-Egypt honored with 20 awards in 2022
From leading global and regional institutions recognizing achievements in Islamic banking and digital innovation.
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World Bank launches report on achieving demographic dividend in Egypt
The World Bank Group launched Tuesday a report entitled “Achieving the Demographic Dividend in the Arab Republic of Egypt: Choice, Not Destiny”.