Bank News
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CBE allows non-residing foreigners to open bank accounts in Egypt
CBE directed banks in Egypt to open accounts for foreign clients who are not residents of Egypt, allowing them to benefit from the various services.
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EBRD, donors and Crédit Agricole Egypt boost green investments in Egypt
EBRD and GCF boost small businesses and green investments in Egypt, with a US$ 20 million loan to Crédit Agricole Egypt.
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Egypt's banking sector achieves LE 626.6B surplus in net foreign assets
Notably, May's surplus was the first since January 2022 when a surplus of EGP 9.674 billion was noted.
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IBAG partners with Banque Du Caire to increase Egyptian expats’ remittances
This partnership aims to attract new customers from many social segments to support the financial inclusion initiative.
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Egypt Receives Third Tranche from IMF worth $820 Million
The International Monetary Fund announced the completion of a review that allows Egypt to withdraw $820 million.
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IMF adjusts Egypt’s economic forecast with more positive outlook post-3rd review
In a report released last week, the IMF had predicted a 2.7 percent growth in FY2024/2025 and a slightly improved 4.1 percent in FY2025/2026.
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US Dollar rate against EGP hits its highest level in almost four months
The US dollar rate against the Egyptian Pound (EGP) hit its highest level on Wednesday since April.
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Egypt met all IMF requirements for 3rd review of $8 bln loan program
The roundtable was held a day after the IMF completed the third review of the Extended Fund Facility (EFF) loan program for Egypt.
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IMF approves release of $820 million for Egypt, calls for more reforms
Egypt says it has shifted to a flexible exchange rate regime, a policy the IMF said on Monday remains "a cornerstone of the authorities' program."
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Finance minister discusses economic reforms with IMF
Minister of Finance Ahmed Kouchouk discussed in a meeting with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
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Egypt central bank to begin cutting interest rates in September
Egypt’s growth indicators are ticking up, the currency is stable, and external finances are correcting sharply, time for an interest rate cut.
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Gulf banks look to Egypt, says Fitch
They look to diversify their business models and boost profits. Fitch believes that several banks in the GCC are seeking to acquire Egyptian banks.
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Egypt Sees Largest Historical Decline in Foreign Debt Value
Net foreign assets represent the assets of the Central Bank of Egypt and the country's commercial banks, held by non-residents, minus their liability.
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CBE approves launch of Egypt’s first digital bank
Onebank will provide customers with fully digitalised banking services, with 24/7 online availability.
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IMF lowers projections for Egypt real GDP growth by 0.3% in FY23/24, FY24/25
In April, the IMF maintained its projection for Egypt’s real GDP growth in 2024 at 3 percent, declining by 0.8 percent compared to 2023 estimation.
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EBRD provides US $130 million loan to Coca-Cola HBC in Egypt
In Egypt, 26.5 per cent of youth are unemployed and many employed individuals tend to work in jobs that lack job security and stability.
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Egypt's IMF loan payout delayed by final details amid difficult environment
The board approval for the third review of Egypt's expanded $8 billion loan program was originally expected on July 10.
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ADIB-Egypt increases card usage limits, reduces foreign currency transaction fees
The cash withdrawal limit for international transactions remains at $50 for most cards.
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Fitch Solutions expects CBE to keep interest rates on hold till end of 2024
BMI, a Fitch Solutions company, expected the Central Bank of Egypt (CBE) to keep its monetary tightening policy on hold.
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Banks operating in Egypt showed significant growth
The net open foreign currency positions as a percentage of total capital base improved significantly to 5.7 percent in March 2024.