Bank News
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CBE’s MPC keeps key interest rates unchanged as 2023 ends
This leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the rate of the main operation at 19.75 percent.
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Egypt explores possibility of Gulf currency-denominated bonds
In November 2023, Egypt achieved a successful sale of nearly $500 million worth of 5-year Samurai bonds in the Japanese market.
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EBRD provides $100 mln loan to National Bank of Egypt
Half of the loan will be dedicated to Egyptian private MSMEs in regions outside of Cairo and Alexandria.
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Egypt in talks with IMF for new timeframe: PM
The Egyptian government is in talks with the International Monetary Fund for a new timeline for the loan deal, Prime Minster Mostafa Madbouly said.
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After a 15 day pause, Egypt’s banks resume fees on issuing cards and opening accounts
Banks operating in Egypt on Sunday resumed collecting fees on opening accounts (current or savings), adhering to the minimum account balance.
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Egypt seen keeping interest rates on hold on Thursday
Many analysts believe Egypt will wait until January, well after the Dec. 10-12 vote, before hiking interest rates or devaluing the currency.
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Egyptian banks increase people of determination ATMs by 23 percent: CBE
The number of ATMs with features supporting people of determination in Egypt surged by nearly 23 percent to 4,950 in December from around 4,000 in Jan
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With the maturity of 25% CDs approaching, will banks offer up new savings pots?
Owners are interested in the best ways to employ them, and whether public banks will tend to offer CDs with higher returns in retaining this money.
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HSBC forecasts Egyptian pound devaluation to EGP 40-45 against USD in Q1 2024
British bank HSBC projected the Egyptian pound to experience devaluation, reaching EGP 40-45 against the US dollar, during the first quarter of 2024.
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Empowering Egypt's Youth: Emirates NBD-Egypt's Commitment to Financial Inclusion
At the European Universities in Egypt, Emirates NBD-Egypt made a resounding statement by offering the youth segment free accounts and debit cards.
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Understanding debt restructuring: The case of Egypt
This article delves into why Egypt might consider this financial strategy, the implications for its economy, and the role of the IMF.
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EBRD considers $35 million loan to Arab Investment Bank to support MSMEs
Additionally, the EBRD is considering granting a €165 million loan to Egypt to modernize the electrical grid and reduce pollution.
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Six banks collaborate on EGP 2bn financing for Abd El Salam El Feky & Partners
EBank plays a pivotal role in this venture, aligning with Egypt’s strategic efforts to transform into a global trade and logistics nexus.
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Banking expert advises against new high-yield savings certificates
He argues higher interest rates would not benefit the national economy, banks, or individuals, nor would they aid in achieving inflation targets.
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Banking sector sees significant increase in total bank deposits in August, CBE
Government deposits reached LE 2.179 trillion, while non-governmental deposits accounted for LE 7.539 trillion.
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Inflation in Egypt expected to decrease in 2024 due to Egyptian pound movement: report
The exchange rate of the Egyptian currency will remain within the range of 31 pounds to the dollar at the beginning of next year.
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Egypt's net int'l reserves record $35.173B in November: CBE
In October, Egypt's NIR also witnessed a growth, to reach $35.1 billion compared to $34.97 billion in September, as reported by the CBE.
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Egypt's digital pound: 10 key facts you should know
As Egypt explores the possibility of introducing its digital pound, here are 10 essential facts that readers need to know about this.
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Egypt in discussions with IMF for additional funding
The IMF is currently discussing with Egyptian authorities providing additional financing to ensure the successful implementation of the policy package
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AUC Business School dean appointed on CBE board of directors
AUC announced that Sherif Kamel, dean of the School of Business Administration, has joined the Board of Directors of the CBE.