Bank News
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CBE increases limits for financial inclusion accounts, prepaid cards, and mobile payment services
he maximum daily limit is EGP 60,000, up from EGP 30,000. The maximum monthly limit is EGP 200,000, up from EGP 100,000.
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EBRD provides US$150 million to Egypt’s CIB
EBRD First Vice President Jürgen Rigterink said: “The EBRD is delighted to sign this facility with our longstanding private sector partner, CIB."
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Central Bank of Egypt issues treasury bills worth LE 3 billion
The Central Bank of Egypt on Monday launched treasury bills with fixed and variable returns at a total value of three billion LE.
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Fitch downgrades ratings on four Egyptian banks
Ratings agency Fitch has downgraded its credit ratings on four Egyptian banks, including the largest private bank.
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Afreximbank signs off on $3B worth of credit facilities to Egyptian companies
The remaining $2.4 billion will be distributed to undisclosed companies in Egypt.
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CBE, Kuwait Investment Authority allegedly selling combing 40% of AAIB next year
The central bank and KIA each currently hold a 49.37% stake in AAIB, with the leftover 1.26% distributed to “others,” explains AAIB’s recent report.
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Crédit Agricole Egypt posts strong profit growth in first nine months of 2023
The bank's net profits after tax soared to EGP 3.80 billion, marking a remarkable year-over-year leap of 137.19%.
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Kuwait extends $4 bln deposit at Egypt’s central bank
Kuwait has prolonged the tenor of a $4 billion deposit at the Central Bank of Egypt (CBE) to support the country’s international reserves.
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World Bank awards Egypt for fostering economic competition
Egypt was awarded by the World Bank for its outstanding Strategy for Competition Policies and Competitive Neutrality.
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Ministry of finance partners with international banks to secure $500m
The primary objective of this partnership is to implement health and educational projects.
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Banque du Caire launches electronic signature service for companies, financial institutions
Tarek Fayed, Chairperson and CEO of Banque du Caire, highlighted the importance of this step in providing banking services to the bank’s clients.
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Government plans to sell HHD to strategic investor
The evaluation process has estimated the HHD’s value at around EGP 20bn, while the current market capitalization of the company is about EGP 15.9bn.
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ALEXBANK signs with Network International to accelerate digital transformation
To provide a fully-fledged payment processing solution to support the bank’s digital transition.
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Dollar price in Egypt rises to LE48 up from LE42 last week
The price of the U.S. dollar in Egypt has risen by at least five pounds, surpassing LE47 according to the Masrawy website and reaching LE48 as per the Al-Sarf Al-Youm website.
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Egypt’s central bank to decide on key interest rates Thursday
Monetary Policy Committee (MPC) is scheduled to hold its penultimate meeting for 2023 on Thursday to review key interest rates.
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CBE receives nearly $1B from China Development Bank
The fund will finance the projects agreed upon at the BRI summit and the nine programs from the Africa-China Cooperation forum in 2021.
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AAIB Introduces New Savings Certificate With Market-Leading Return
The Arab African International Bank (AAIB) introduces a new savings certificate offering the highest investment return in Egypt's banking market, allowing customers a profitable saving opportunity for three years.
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CBE Offers New Instructions to Facilitate Use of Credit Cards Outside Egypt
The Central Bank of Egypt (CBE) has issued new instructions aimed at making it easier for citizens to use credit cards while traveling abroad.
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aiBANK named “Fastest Growing Bank in the Arab Region” by World Union of Arab Bankers
aiBANK emerged as the clear frontrunner, surpassing its peers and demonstrating its unwavering commitment to excellence.
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Egypt’s banking sector boosts micro-projects with $1.1bln in financing: Zulficar
According to Zulficar, the microfinance institutions increased their customer base by 2.03% to reach 4.6 million by the end of the Q2 2023.