A high-level meeting was held between Ministry of Finance and CBE to discuss a solution
Latest by Hossam Mounir
The Monetary Policy Committee’s (MPC) meeting took three hours Thursday and ended without reaching a decision regarding the interest rates on EGP.
Council reviewed current situation of state general budget
Measures include postponing loan repayments for tourism employees and investing in facilities
The CBE accepted $1.1637bn of this liquidity
The Federation of Egyptian Banks and the Egyptian Tax authority have reached a final agreement to settle the disputes between banks and the authority regarding the stamp tax. The agreement was signed between the federation and the authority on Tuesday. The agreement was reached after a committee comprising of representatives of the two parties was …
Rising inflation and expectations of higher dollar interest may raise the interest rate on the pound sooner than expected
New tender to be issued to pay off old bills worth $1.17bn offered on 16 December 2014
The council will discuss the future of interest rates on the pound and the developments of inflation rates, says senior official
Bank Audi Egypt succeeded in bringing $357m to the Egyptian market, bank Chairman and Managing Director Hatem Sadek said Sunday. This comes as part of the bank’s commitment to resolving the dollar crisis and to meet its clients’ foreign exchange requirements, Sadek told Daily News Egypt. The bank’s parent group in Lebanon granted its branch …
The Central Bank of Egypt has repaid approximately 25% ($1bn) of the total credit facilitations granted by banks for importers in the past period, according to a banking official. The transaction was completed on Sunday, at a dollar rate of EGP 7.7401. The official said banks received an e-mail from the CBE on Sunday evening, stating …
Participants aim to become acquainted with the basics of international practice in the financial support of SMEs.
Banks made large profits; it is time to pay part of these profits’ bill and help overcome this crisis: Abdel-Aal
He will officially take the role end of the year with Valiollah Seif as deputy chairman
Visa, a global payments technology company, announced its partnership with Cairo ICT, the largest communications and information technology conference in Egypt, to showcase how innovation is driving financial inclusion around the world
The second US Circuit Court of Appeals in New York rejected claims filed by foreign (non-American) plaintiffs against the Arab Bank. About 6,000 plaintiffs had filed lawsuits against the Arab Bank, calling for compensation for damages under the Alien Tort Statute, in which a New York District Court rendered a first-degree ruling on 23 August …
Governor of the Central Bank of Egypt (CBE) Tarek Amer requested bank leaders operating in the local market to support small and medium-sized enterprises (SMEs) and arrange credit facilitations with corresponding banks abroad to finance import operations. Amer met with chairpersons of banks operating in the Egyptian market and their deputies Wednesday afternoon in the …
Industry figures say more personal borrowing for cars will boost economy
GB Auto’s new investments are suspended due to the dollar shortage, CEO of GB Auto Raouf Ghabbour said Tuesday at the Egypt Automotive summit. He told Daily News Egypt they have been communicating with Indian Bajaj Auto, the technical partner for the group in the motorcycle factory, regarding the local component ratio. Those plans however …
Rate of increase in bank loans outstrips deposits for first time ever
Arrangements aim to help tourism workers hit by slump in the sector
The CBE evaluates the banks’ cooperation in providing the foreign currency through three factors
The regulations were a new shock to banks that did not obtain dollars from the CBE
The list of banks participating in this loan includes ABC-Bahrain, the National Bank of Dubai (NBD), Mashreq Bank, Union National Bank Egypt, and HSBC. Banque Misr has been negotiating with these banks since last June.
Mother group aims at gaining the trust of Egyptian customers, say bank’s leaders
Official letter calls for banks to maximise foreign exchange, working with foreign partners
Financing tuition fees ranges between EGP 15,000 and EGP 600,000 loan up to seven years, says Bahnasawy
CBE demanded that local banks prioritise directing their foreign exchange liquidity to cover the importation of commodities
Foreign exchange reserves were stable in November at $16.4226bn, the Central Bank of Egypt revealed Thursday. Foreign exchange reserves similarly did not record any changes in October under the leadership of former governor Hisham Ramez, amounting to $16.4148bn.
Amer’s latest regulations for dollar availability act as a warning to uncommitted banks, experts say