Finance News
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The Central Bank of Egypt (CBE) amends withdrawal limits via PSP apps participating in IPN
The new withdrawal limits will be effective as of March 15th
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EGP flotation benefits Egyptian economy: Prime Minister
The flotation of the Egyptian pound since December under the new Extended Fund Facility programme with the IMF has benefited the industry sector.
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Paymob and Shahid expand VOD digital payments in Egypt
Egypt-based fintech Paymob has partnered with streaming platform Shahid to enable the latter’s customers to pay for subscriptions via e-wallet.
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CBE raises maximum limit of transactions value through InstaPay mobile app
The CBE noted that more than 16 million instant money transfer transactions through more than 1.8 million customers.
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Granted consumer financing hits LE 29.8B during 2022
The value of advertisements on movable assets since March 2018 until the end of 2022 amounted to LE 1.8 trillion.
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Egypt’s annual inflation soars to 31.9 % in February
The CBE is projected to expand in its monetary tightening policy through introducing more hikes in key interest rates.
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Egypt's FRA studies applying Basel 3 standards at financial sector companies
Farid stressed that it includes the application of international standards in the process of financial stability of companies.
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EGP flotation benefits Egyptian economy: Prime Minister
Meanwhile, he asserted Egypt’s commitment to adopting a flexible exchange rate for the sake of Egyptian economic growth.
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Arab countries' investments in Egypt rose to $2.67B by end of September
The investments of the United Arab Emirates recorded about $837.6 million at the end of the first quarter.
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IDSC: Egypt is one of best emerging markets globally
Egypt came 21st globally out of 50 emerging economies, with a score of 5.06, at the level of the main measures of the index.
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Egypt’s foreign debt falls from $155.7 bln to $154.9 bln in 1Q 2022/2023: CBE
The total debt services during the 1Q of FY2022/2023 inched down to $4.7 billion, compared to $6.2 billion registered in the 1Q of FY2021/2022.
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After HoggPool incident, Egypt's Central Bank issues warning about electronic platforms
The HoggPool platform, launched in August 2022, withdrew millions of pounds from hundreds of users in exchange for a daily profit.
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Future contracts for Egyptian pound fell to LE38
According to Central Bank data, the exchange rate recorded LE 30.77 for purchase and LE 30.88 for sale.
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No withdrawal commissions when using bank ATM machines: Egyptian Banks Federation
It pointed out that cash withdrawal commissions relate to credit cards only when used in cash withdrawals from ATMs.
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Africa Finance Corporation announces Egypt as first North African shareholder
Egypt joined the Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, as the first North African shareholder.
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Egypt considers floating further stake in Telecom Egypt in EGX
Telecom Egypt’s revenues grew by 10 percent in 2022, recording EGP 44.3 billion with a net profit of EGP 9.2 billion.
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Crypto scam in Egypt defrauds thousands of investors of $620K
Authorities have arrested 29 people, including 13 foreign citizens, in connection with the fraudulent network known as "HoggPool."
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Egypt could receive $4 billion from Gulf investors: CEO of Sovereign Fund
The country targets raising $2.5 billion from the sale of state-owned assets by the end of FY 2022/2023.
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Taxes raise Egypt's revenues to LE 572.55B in 6 months
The monthly report of the Ministry of Finance indicated that Egypt's revenues rose to LE 572.55 billion during the period from July to December.
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Mastercard extends its partnership with the National Bank of Egypt
The partnership aims at bringing more unbanked and underbanked Egyptians into the formal economy.