Latest in Banking Highlight
Latest in Banking
New law reinforces the independence of the CBE and banks’ boards of directors, prepares Egyptian market for a new era in financial technology
Subscription ends on 4 January 2020, and can be suspended after 10 days if the subscription was not fully covered, says Farouk
Banking act may spur a wave of consolidation amongst smaller or undercapitalised banks
Tripartite meeting of CBE’s Legal Advisor, Regional Director, and Legal Affairs Director at NBG Bank to discuss employees’ demands
Bank arranged a syndicated loan of EGP 1.7bn for Redcon Construction in cooperation with QNB Al Ahli
We need to study the reasons for the high BOP deficit, especially in exports and FDI, says Abdel Aal
Private sector receives 60.3% of total facilities, industry at the forefront of beneficiaries, says CBE
BOP records 0.1bn deficits, oil trade balance records $8.1m surplus, FDI net inflows decrease by $1.8bn to $5.9bn
Most cuts were limited to variable return certificates
The average official price of the US dollar at the Central Bank of Egypt (CBE) fell to EGP 16.2186 for buying and EGP 16.3186 for selling on Sunday, down from EGP 16.2669 for buying and EGP16.3669 for selling last Thursday.
Slight increase in non-performing loans at banks in 1H 2019, reaching 4.2% of total loan portfolio compared to 4.1% at end-March, says CBE
Subscribers reach 13.5 million by end-June, with a total value of transactions of EGP 20bn as of September
Banks will begin Sunday to discuss the fate of interest on their CDs, deposits, and loans
This is the second interest cut in a row following the 150 basis point on 22 August, and the third in 2019.
MPC ecided at its meeting on 22 August 2019 to reduce the interest rate by 150 basis points for overnight lending, overnight deposit, and CBE’s main operation, to settle at 14.25%, 15.25%, and 14.75% respectively.
Bank ready to join CBE initiative to finance middle-income housing once it comes into effect: Sebaey
“We hire companies with proven track records of building integrated, modern urban communities”: Sawiris
Inflationary pressures to ease dramatically following July’s subsidy lift, says Monette Doss
Building located on 9,843 sqm, to be completed in 18 months
Bank working to advance production, achieve sustainable development in Egypt by focusing on vital sectors such as industry, renewable energy
“We seek to keep pace with banking developments in the world,” says bank’s CEO
The CBE has instructed banks working in the local market to allocate 20% of their loan portfolios to finance SMEs. El-Etreby pointed out that NGOs were also included within this segment.
Reserves declined to EGP 236.06bn end-June, compared to EGP 238.89bn end-May
It accounts for 83.6% of total deposits in local currency, 68.7% in foreign currency
Institute started offering more developed training courses to support financial inclusion, says EBI Executive Director
A securitisation transaction is a debt capital market financial instrument whereby future receivables are converted into financial securities which can then be listed and traded on the stock exchange.
Meetings discuss latest economic, financial, monetary developments, banking supervision, financial stability, inclusiveness, and modern financial technologies, according to AMF
Banks’ credit facilities see EGP 224.7bn rise, private business sector holds 60.7%
Domestic debt records 79% of GDP, of which 86.4% is owed by the government, 7.3% by public economic bodies and 6.3% by National Investment Bank
The NSB’s board of directors agreed to allow Banque Misr, the National Bank of Egypt (NBE), and the Suez Canal Bank to receive subscription, purchasing, and underwriting offers for the fund.