Hossam Mounir

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Latest by Hossam Mounir


Bank Audi Egypt brings $347m to the Egyptian market

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 …

Hossam Mounir

CBE pays 25% of credit facilitation for importers

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 …

Hossam Mounir

Lawsuits against Arab Bank rejected before US courts

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 …

Hossam Mounir

Amer requests bank leaders to support SMEs, arrange credit facilitations

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 …

Hossam Mounir

GB Auto investments suspended due to dollar shortage: Ghabbour  

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 …

Hossam Mounir

Foreign exchange reserves stable in November

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.

Hossam Mounir