Finance News
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Egypt’s GDP grew to over 410 bln USD
GDP in the fiscal year from July 1, 2021 to June 30, 2022 increased more than three times from the fiscal year 2013-2014.
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13 banks in Egypt report EGP 21.778bn net profits
CIB tops list in terms of net profit at EGP 7.773bn, followed by QNB Alahli by EGP 4.754bn.
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Egypt's investments in Africa up to $10.2 bln
Egyptian investments in Africa rose by $1.2 billion in 2021 to $10.2 billion, and trade volume with Ivory Coast has risen to $149 million.
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Egypt eyes issuance of $500mln panda bonds in Chinese market
The Ministry of Finance hopes to enter the Chinese market for the first time before the end of the current fiscal year, Kouchouk added.
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Egypt to relaunch government IPOs program on the stock exchange
The plan to issue shares of 10 government companies on the stock exchange was put on hold following the Russian-Ukrainian crisis.
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Egypt 3rd strongest economy in Arab world
Secretary General of the Union of Arab Banks (UAB) Wissam Fattouh said that Egypt came in the third position after Saudi Arabia and the UAE.
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Egypt bourse’s market cap rises $2.7bn in August
In terms of index gains, the blue-chip EGX30 index jumped by 5.6 percent during the month, gaining 531 points to 9,998 points at the end of August.
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CBE raises maximum withdrawal limit from bank branches
Central Bank of Egypt (CBE) raised the maximum daily withdrawal limit for individuals and companies from bank branches from LE50,000 to LE150,000.
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Central Bank expounds Egypt’s external debt in 1Q 2022
By residual maturity, short-term debt amounted to about $42.2bln in March 2022.
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Four Global Firms Shortlisted for Egypt’s $2 Billion Industrial Project
Hyundai, Samsung, Technip Energies, and Tecnicas Reunidas competing to construct chemicals complex in the Suez Canal Economic Zone.
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Egypt Commercial International Bank launches instant payments
In June 2022, the total value of payments through the InstaPay app reached nearly EGP 2.6bn and the number of transactions and increase of 500%.
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Why did CBE keep interest rates unchanged?
The decision came despite the expectations that went towards raising the rates by 50 or 100 basis points
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President Sisi names veteran banker as caretaker of CBE
El-Sisi named Hassan Abdalla to succeed Tarek Amer, who had held the post since 2015.
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Kashat expands its coverage to serve 40 million more Egyptians!
Kashat celebrates full-country expansion and increases its nano loans limit to support users.Customers can now disburse and repay from ALL e wallets.
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Trading on Egypt's commodity exchange to start in Q1 of 2023
Ashmawy noted that the commodities that will start trading have been identified, such as wheat.
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Suez Canal Bank accepting applications for 4th Launch SaaS
The bank supports start-ups that provide innovative solutions in areas of digital transformation, fintech, and climate change.
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Egypt considering listing Universal Healthcare Insurance in exchange
This is to diversify its investment portfolio and increase the yields of invested funds, Minister of Finance and UHIS Chairman Mohamed Maait said.
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Consumers in Egypt embrace digital payments
88% of consumers in Egypt have used at least one emerging payment method in the last year, with usage expected to further increase.
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Egypt's current account deficit widens in Jan-March
The figures showed that a net $14.75 billion in portfolio investments left the country in January-March.
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Egypt's M2 money supply up 23.4% y/y in June
Money supply stood at 6.61 trillion Egyptian pounds ($349 billion), up from 5.35 trillion pounds in the same month last year.