Bank News
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Egypt's central bank widens exceptions on import restrictions
The Central Bank of Egypt excluded manufacturing inputs from the requirement on importers to provide 100% cash deposits on their letters of credit.
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Egypt to float United Bank of Egypt
The United Bank was formed out of the merger of three failing banks which the central bank acquired in 2006.
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EBRD and Bank Audi strengthen small business in Egypt
EBRD continues to support SMEs in Egypt, providing a US$ 30 million to Bank Audi SAE Egypt for on-lending to SMEs.
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Egypt central bank meets exchange bureaus
Egypt, which relies heavily on imports, has been facing a shortage of foreign currency since a 2011.
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Egypt central bank keeps main interest rates unchanged
The government projects growth of around 5.5 percent this fiscal year, compared with an estimated 4.2 percent in 2014/15
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Egypt Central Bank Eases Restrictions on Dollar Deposits
The bank raised the monthly limit to $250,000 from $50,000 for importers of food, machinery, spare parts, capital goods and medicine.
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NCR aims to boost Egypt business to EGP 1bn over next 3 years
Company accounts for about 90% of ATMs in Egypt, says Africa Managing Director.
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Egypt considers floating two state banks
Amer said the offerings would not include state bank giants National Bank of Egypt and Banque Misr.
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Egypt's new regulations for SMEs are positive for economy, negative for banks
The CBE said earlier it would require lenders to apportion 20 percent of their total loaning portfolio for SMEs, with interest rates below 5%.
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Egypt central bank sees import rules saving $20B in 2016
The governor said that the push to coordinate economic policy with the government was an indication to Egypt’s determination to enact reforms.
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BE Decision to Support SMEs Should Turn Egypt Into Productive Economy
CBE decision will help reduce credit investments given to VIP clients from 20 to 15% It will also reduce investments in monetary fund from 5 to 2.5%.
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New Egypt bank rules to boost business lending and growth
Central Bank cut the maximum amount that banks are allowed to lend to a single client to 15 percent of their Tier One capital, down from 20 percent.
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World Bank cuts Egypt's predicted 2016 growth rate
Egypt's economic growth is forecasted to slow to 3.8 percent in fiscal year 2015/16 from 4.2 percent expected in 2014/15.
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Egypt’s forex reserves hit $16.455bn in December
Egypt has found a lifeline in tens of billions of dollar loans and deposits from Gulf countries.
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Credit Agricole, BNP Paribas to finance Egypt's oil refinery expansion
The loan will be guaranteed by the Italian central bank and the Italian export development authority,
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Egypt's central bank injected $8.3 billion for imports and investors
Earlier this month the CBE said it changed the way it allocated dollars at its regular foreign exchange auctions, which it holds three times a week.
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Egypt Raises Rates as Central Bank Sets Targets With Government
CBE has agreed with the government to collaborate on designing policies that “will contribute positively to economic growth and job creation.”
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Egypt signs $500m agreement with African Export-Import Bank
The deal gives Egypt free trade access to seven new African nations.
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Egypt's Central Bank likely to raise interest rates Thursday
Three out of five economists surveyed by Ahram Online expect the Central Bank of Egypt to raise benchmark rates to combat inflation.
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Egypt's Central Bank backs local products, tightens importing measures
The move, which will come into effect in January, aims to limit imports of products with domestic alternatives in order to shore up limited resources