Finance News
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'Mngm' platform for precious metals cooperates with 'Fawry' to provide electronic payment services
Through mngm, clients can accumulate their gold holdings with minimum purchases of 0.1 grams.
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Banks' investments in securities, T-bills reach LE 4.428T by end of 2022
The CBE stated that the volume of investments of the largest 10 banks in these instruments amounted to about LE 3.533 trillion.
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Mastercard reinforces commitment to Egypt with new leadership appointment
Inji Borai appointed as Vice President and Country Manager for Mastercard Egypt.
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Presidential decree to transfer ownership of Misr Insurance Holding to TSFE
The IPOs program is also scheduled to put 10 to 15 percent of the shares of Misr Life Insurance company on the stock exchange.
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Misr insurance company ownership transferred to Egypt’s sovereign fund
Before its issuance, the company was under the jurisdiction of the Ministry of Public Business Sector.
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What has Egypt fulfilled ahead of the IMF first review ?
New tax measures will be implemented in FY2023/24 (starting July 2023) to increase tax revenues by 0.3 percent of the GDP.
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Egypt awaits disbursement of IMF loan's 2nd tranche
It is scheduled that the value of the second tranche of the loan will be the same as the value of the first tranche, which is $347 million.
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PM reviews main features of draft budget of FY 2023-2024
It focuses on implementing comprehensive structural reforms, boosting the role of the private sector, and encouraging exports and production.
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Egypt seeks to enhance cooperation with India in financial inclusion, fintech
Indian companies are among the largest foreign investors in Egypt, relations between the 2 countries witnessed great development over the past years.
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No negative repercussions on Egyptian banking sector due to bankruptcy of Silicon Valley Bank
The CBE noted that the Egyptian banks do not have any deposits, investments, or financial transactions with Silicon Valley.
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Egypt’s inflation to hit 25.9% over 2023
Fitch Solutions raised its projection for Egypt’s inflation during 2023 to 25.9 percent, up from 18.3 percent it projected in February.
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ValU and Azimut partner to launch AZ valU Fund
A money market fund allowing individuals to realize compound daily returns.
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Egypt to start process of listing military-affiliated “Safi” and “NPC” companies to investors starting 15 March
The committee following up on the offerings programme agreed to offer four other major companies through international investment banks.
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Mastercard extends partnership with Banque Misr to enhance digital payments portfolio in Egypt
The partnership will enable the integration of more Egyptians into the formal economy while driving the shift to a cashless ecosystem.
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FRA makes legal amendments to establish ‘futures exchange’
Futures contracts whose value is derived from financial or in-kind assets, price indices, commodities, or others determined by the Authority.
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Egypt positioned to attract foreign investments in priority sectors
Egypt has become qualified to attract both foreign and local investments and is providing all necessary facilities to encourage production in sectors.
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CI Capital Holding reports highest-ever revenues
CI Capital’s cost-to-income remains within management’s target of ±40%, thanks to efficient resource optimization.
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CBE expected to raise interest rates by up to 300 bps in March: Goldman Sachs
Bloomberg said that the Central Bank of Egypt will take this decision after inflation in February far exceeded expectations.
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Banks to open accounts for free till end of March in celebration of International Women’s Day
On the occasion of International Women’s Day, banks will open accounts for free starting from March 8 to 31.
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Egypt seeks to issue title deed insurance policy to motivate foreigners to buy real estate
The Financial Regulatory Authority (FRA) intends to issue a title deed insurance policy document against risks soon.