Finance News
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Army’s control on market does not affect businessmen
Naguib Sawiris has supported the economic role played by the army, yet expressed concerns that this could affect its main role in defense.
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NBK-Egypt posts $64m net profit, up 53pc
The net loans and advances reached EGP13.8 billion at year-end 2015, up 37.4 per cent compared to the previous year.
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Egypt's Sawiris says CI Capital acquisition stalled by security
Sawiris said a state bank had also withdrawn a loan offer meant to help finance the deal. He did not name the bank.
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7 facts about Bilady certificates
NBE, Banque Misr and Banque de Caire issued dollar and euro certificates for Egyptian expats to support Egypt's economy.
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Egypt's Banque Misr in talks for 300 mln euro syndicated loan
Egypt's reserves fell to around $16.5 billion in February, from about $36 billion before an uprising in 2011.
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Egypt banks to seek new chiefs under term limit rule
The central bank issued a nine-year term limit for banks top executives, described as an effort to revitalize the industry.
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Unified exchange rates to be set daily
Supply Minister agreed with exchange bureaus to set unified rate for dollar to avoid informal speculation and ensure stability for currency rates.
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Egypt's Tbond yields jump after rate hike
The average yield on the 1.5-year zero coupon treasury bond jumped to 14.631 percent from 12.719 percent at the last auction on March 7.
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Offering United Bank for sale still pending
CBE, other parties still studying issue of sale, we have not received instructions so far, says El-Kady.
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Egypt's EFG Hermes to sell 40pct stake of Credit Libanais
EFG Hermes owns 63.7 percent of Credit Libanais, its only commercial banking service, shows the latter's website.
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Pound devaluation is Moody credit positive for Egypt
Egypt to remain stable at B3 as devaluation brings exchange rate closer to market rates, likely to boost exports and foreign investments.
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Egypt Bank Liquidity Seen Improving After Pound Devaluation
Egypt devalued its currency by about 13 percent at a local sale of greenbacks on Monday and said it would adopt a more flexible exchange rate.
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Egypt’s external debt hits $47.8 billion in 2015
Tuesday’s auction was the second consecutive day in which the CBE issued an exceptional tender to inject foreign currency liquidity into banks.
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Egypt's black market battle: CBE auctions another $1.5M
CBE will hold an exceptional dollar auction for $1.5bn on Wednesday to cover the outstanding debts importers owe to the banks in foreign currency.
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Egypt devalues pound, announces flexible exchange rate policy
Egypt devalued the pound to 8.85 per dollar from 7.73 and simultaneously pumped nearly $200 million into the dollar-starved banking system.
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SDEC Kicks off sustainable development in Egypt
SDEC brings global industry leaders together to deliver sustainable developments for future generations.
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US dollar declines to EGP 9 in informal market
Banks await fresh dollar liquidity to be injected through exceptional CBE auction.
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Egypt's public banks to issue Euro certificates for citizens abroad
Egypt's foreign currency reserves have declined by more than half since 2011, reaching $16.534 billion in February.
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Exchange firm officials prepare for expanded meeting with CBE
El-Abyad denies any agreement between CBE and exchange firms on a specific price for dollar.
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Egypt's Amer Says Dollar Crunch Temporary, Denies IMF Approach
Amer spoke after the central bank this week eased restrictions on foreign currency deposits and withdrawals in banks.