Bank News
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Egypt’s foreign reserves continue to rise registering $31.3 bln in June
Egypt's foreign reserves continued to climb registering $31.305 billion at the end of June and edging closer to pre-2011 levels of $36 billion.
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Are Egypt’s IMF-imposed reforms working for people?
With the increasing strain on the people, more are wondering whether IMF straitjacket is too restrictive for Egypt’s ordinary citizens.
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Egypt central bank removes foreign currency transfer limit
The central bank statement did not comment on the status of the $50,000 deposit cap for some importers.
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Egypt's economy trapped in vicious cycle of IMF debts
Egypt expecting a new rise of prices due to the IMF loan requirements, while the country has not yet recovered from previous economic decisions.
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Banks offering e-services have best retail banking
CIB) topped the Business News index for best retail bank for the 2nd year in a row followed by NBE that has the most widespread ATMs.
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Raising interest rates shakes markets, disturbs business community
Businesspeople outraged amid expectations that debt payments will increase by EGP 30bn.
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Egypt’s Central Bank raises interest rate by 2 pct
The statement added that the credit rate was also raised by 200 points to 17.25.
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Credit Agricole not considering leaving Egyptian market
We have launched our activities in the Egyptian market 10 years ago and seek to continue and expand it, says Drion.
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Egypt central bank to cancel $100,000 individual bank transfer limit
"We have no need for foreign currency limits" Egypt's central bank governor Tarek Amer said.
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Egypt's oldest bank sets up base in Chinese port city
Banque Misr as officially opened its Guangzhou office in Guangdong province to help promote trade and financial activities between the two countries.
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Egypt's CIB completes $40 mln sale of investment banking unit
CI Capital's market value totalled about 950 million pounds and that it had completed the transfer of 74.75 percent of the shares, retaining 25%.
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Egypt, World Bank launch $500 million Upper Egypt development programme
The programme will focus on the governorates of Qena and Sohag, which are among the poorest in the country.
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World bank disburses another $1 billion loan to Egypt
World Bank issued the first $1 billion tranche of the loan in 2015 ut of its $3 billion loan programme with the country.
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Market awaits changes in bank leadership in mid April
Banks will present their recommendations to the CBE’s governor, since the law allows the latter to reject officials.
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Egypt parliamentary committee expects dollar to cost EGP 13 this summer
The Planning and Budget Committee says the country's IMF reforms have begun to pay off, depressing demand for USD and causing its value to drop 5%.
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IMF to release staff report on Egypt's $12 bln loan agreement
The IMF deal was approved by the cabinet on 11 January, but is yet to be approved by parliament.
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Switzerland unblocks 180m francs frozen in Egypt probe
Criminal investigations against six unnamed persons are now underway, the OAG said in a statement, while 430 million francs remains frozen.
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How will Egypt’s stock market react to recent bombings?
Recent worldwide events, including the Istanbul bombing, will shield the Egyptian stock market from any potential repercussions of the church bombing.
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Egypt's banks raise $3 bln since pound float decision
CBE had decided in early November to float the pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage
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EFG Hermes takes over management of HSBC Egypt money market fund
The mandate brings the division’s Egypt-focused assets under management (AUM) to EGP 10.5 billion.