Bank News
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Egypt's Central Bank Says Mounting Foreign Debt at $82.9bn
EGYPT'S foreign debts reached around $82.9 billion, for the period ending December 2017, rising by 4.9 percent compared to six months earlier.
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Egypt's Banque Misr hires Citi for $500 million loan
Misr's debt facility follows a $600 million loan being syndicated among banks for National Bank of Egypt, the country's largest lender.
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Central Bank of Egypt expected to keep interest rates unchanged
The Central Bank's Monetary Policy Committee is set to meet on Thursday to decide on interest rates.
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IMF delegation to arrive in Egypt next week
Egypt agreed the three-year IMF loan programme in November 2016 that is tied to sweeping reforms such as spending cuts and tax hikes.
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Reform program improves Egypt's economy, IMF expects higher growth
The IMF report said that Egypt's expected higher growth rates are "aided by an increase in gas production."
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Egypt's net foreign reserves rise to $42.611 bln
In February, Egypt raised $4 billion in a dollar-denominated Eurobond sale to help plug its financing deficit and boost dollar holdings.
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UNB-E eyes 5% market share in Egypt within 8 years
Al Nahyan explained that the bank aims to expand its branch network to 48 branches, along with increasing ATMs to 125 machines by the end of 2018.
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Egypt’s central bank expected to cut rates for second time
Nine out of 11 economists polled by Reuters said the bank on Thursday will cut the deposit and lending rates.
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Egypt picks four banks for Eurobond issuance set for April
Egypt previously raised $4 billion in a three-times oversubscribed bond issuance in February.
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Banque Misr achieves highest profits in its history
The bank’s retail portfolio reached LE 18.1 billion in June 2017 versus LE 14.5 billion in June 2016 with 24.8 percent growth rate.
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Akinwumi Adesina, President, African Development Bank (AfDB): Interview
Governments need to work closely with the private sector to close African infrastructure gaps.
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Egypt's EFG Hermes weighs hiring more bankers for Saudi deals
EFG Hermes is considering adding 20 percent more staff as one of the region's biggest investment banks expects an improved deals outlook in KSA.
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Egypt net foreign reserves rise to $42.524 bln after Eurobond sale
Reserves had dropped to about $19 billion before Egypt signed the three-year IMF deal, with Egypt floating the currency and lifting capital controls.
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Egypt to maintain customs exchange rate at EGP 16 per 1 USD in March
In January 2018, Egypt kept its customs exchange rate at EGP 16 per US dollar, a figure which had been maintained for the last five months of 2017.
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Egypt's biggest bank seeks $500 million loans, eyes Saudi market
The National Bank of Egypt is looking to secure $500 million in loans by the end of June.
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Moody's expects growth in Egypt to accelerate to around 5% by 2019
Moody’s expects Egypt’s GDP growth to accelerate to around 5 percent by 2019 and 5.5 percent by 2021, up from 4.2 percent in 2017.
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Positive IMF review paves way for $2B transfer to Egypt
The IMF said the transfer would bring the total payout to Egypt since it secured the loan in November 2016 to $6.08 billion.
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Egypt's Financial Regulatory Authority issues cryptocurrency warning
dealing with cryptocurrencies is considered a form of deception that falls under legal liability and not regulated by any official body in Egypt.
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US dollar exchange rate approaching LE 18
In the National Bank of Egypt (NBE) and Banque Misr, the dollar was being sold at LE 17.79 and bought at LE 17.69.
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World Bank approves $1.15 bln development policy loan for Egypt
The loan is the last in a series of three annual loans totaling $3.15 billion issued from 2015 to 2017.