Bank News
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Egypt Takes on Sukuk
Egypt is getting ready to offer its first sovereign bonds (Sukuk), almost the first of its kind for the country, following parliament’s approval.
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Egypt, UAE central banks ink MoU
According to the MoU, the two central banks will cooperate in fields of licenses & the ownership structures of the licensed financial institutions.
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Egypt's economy grows 2.9% in Q3-20/21
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
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Egypt, IMF agree on $5.2 billion release
The IMF had also loaned Egypt a $2.8 billion emergency loan in 2020 to face the consequences of the pandemic.
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Some banks report good results in Q1
The net profit at Al Baraka Bank – Egypt increased by 2% in Q1 of 2021 compared to Q1 of 2020, and by 108% compared to Q4 of 2020, recording EGP 269m.
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Telda announces $5M pre-seed
A newly launched digital bank, Telda, is announcing a $5 million pre-seed round to digitize how Egyptians save, send and spend money.
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Egypt, AfDB ink €145 mln for railway
Under the agreement, Egypt’s Railway Authority's main lines will be extended with 953 km controlled by the European Train Control System (ETCS-L1).
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Egypt’s central bank obligations reach 2.1tln
Despite the Central Bank of Egypt's total assets growing by the end of April, gold and cash assets dropped compared to December's data.
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Egypt’s FY2021/22 draft budget key highlights, targets
Egypt's FY2021/22 comes amid expectations that Egypt will approach its pre-pandemic growth levels, following a notable slowdown in its real GDP growth
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Egypt’s economy set for a rebound in 2022
Egypt’s main sources of foreign exchange will remain under pressure as tourism and Suez Canal receipts still struggle amid the pandemic.
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The 6 CBE rules for issuing electronic currencies
The permission is only limited to banks under CBE supervision and upon its consent.
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NBK-Egypt launches new corporate banking solution
The NBK was founded in 1952 as the first indigenous bank and the first joint-stock company in Kuwait and the Gulf Region; it is considered the largest
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EBRD to support Egypt's green and sustainable economy
The European Bank for Reconstruction and Development (EBRD) is one of Egypt’s largest financial partners.
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2021-2022 draft budget handed to president for review
The budget aims to support investments, especially in projects that offers support to rural areas and cater to the development of Upper Egypt.
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IMF completes Egypt’s SBA loan review, $1.6 bln to be disbursed
The IMF said that Egyptian authorities have managed well the COVID-19 crisis and related disruption to economic activity.
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HSBC expects Egypt to build on growth momentum during 2021
The event held at a critical time for the global economy, with countries around the world ending 2020 with increasing COVID-19 cases.
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Egypt cuts interest rates
Egypt’s central bank cut its main interest rates by 50 basis points to support an economy badly hit by the coronavirus pandemic.
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Egypt set to issue its first sovereign Islamic sukuk
The move is part of the finance ministry’s plan to diversify its base of investors who want to invest in governmental financial securities.
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Egypt cuts interest rates by 50 bps as inflation subsides
The bank’s Monetary Policy Committee (MPC) reduced the lending rate to 9.75 percent and the deposit rate to 8.75 percent.
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Egypt’s new banking law comes into force after Al-Sisi’s ratification
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years.