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13% of short-term debts are deposits from Arab countries that are renewed every four years
Excluding credit portfolios purchased from micro finance companies or associations in 20% allocated to SMEs from loan portfolios at banks
New law reinforces the independence of the CBE and banks’ boards of directors, prepares Egyptian market for a new era in financial technology
We need to study the reasons for the high BOP deficit, especially in exports and FDI, says Abdel Aal
Experts argue security stability is key behind hike in tourism, Sultan forecast sector to achieve $15bn by FY-end
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
Abulnaga ruled out the impact of interest rate cut on foreign investments in Egyptian debt
This came during the event organised on Monday by the British Egyptian Business Association (BEBA), entitled “Digital assets and artificial intelligence”. The Egyptian now use Meeza cards to receive pensions, salaries, and even subsidies later on, she added.
Most cuts were limited to variable return certificates
We do not expect pressure on local currency after interest cut, exchange rate will average EGP 16-17 per US dollar, says Mamdouh
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
Company sells about 70 kg of gold per month to CBE to increase reserves, says El-Raghy
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.
Inflationary pressures to ease dramatically following July’s subsidy lift, says Monette Doss
EFG Hermes’s Abu Basha foresees 0.5% cut, Pharos’ El-Swaify and Sigma expect 1.5%
Activities of Arab Financial Inclusion Day resulted in opening of 1m accounts in Egyptian banking sector within 4 years
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
EFG Hermes, Pharos forecast 1-2% interest rate cut at next MPC meeting
‘We offer European expertise to MCIT for further elaboration of e-commerce Law,’ says Surkoš
Largest ten banks in Egypt hold more than 81% of credit and debit cards
Investors’ shift from T-Bills to T-Bonds reflects positive change in their macroeconomic outlook of Egypt
CBE’s decision to reduce interest rates reflects favourable inflationary trends, says Lall
Value of gold reserve rises by $265m, decrease in foreign currencies value by $135m