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Central Bank of Egypt leans on currency devaluation

By Oxford Business Group A series of moves by the Central Bank of Egypt (CBE) to devalue the pound and limit dollar activity are expected to help shore up foreign reserves and eliminate black-market currency trading. The controlled devaluation of the currency earlier this year from EGP 7.14 to EGP 7.62 to the dollar has …

Daily News Egypt

Piraeus Egypt has highest retail banking portfolio growth for 2014

The slowdown rate in Piraeus Bank-Egypt’s credit portfolio has declined, according to Retail Director Iman El-Essawy. She added that a plan, strategy, and new programme for credit have been prepared, which were approved by the mother company in Greece, and new loans were also offered to citizens. El-Essawy said that the growth of the retail …

Daily News Egypt

EFSA preparing  1st real estate financing federation elections

The Egyptian Financial Supervisory Authority (EFSA) is participating in the “Mortgage Development Partners” conference, taking place on 12 May, as part of the “Partnership for Development” initiative. The conference targets community dialogue involving all professional sectors interested in mortgage activities and benefiting from it. It will discuss the opportunities and challenges facing the mortgage system …

Daily News Egypt

Local banks deny restrictions on providing $100 notes

The Central Bank of Egypt gave no instructions to lenders operating in the country not to replace $100 notes with smaller units when conducting transactions for clients, several bankers told the Daily News Egypt. This comes on the wake of reports carried by media outlets claiming that the CBE has ordered banks to replace $100 …

Dahlia Kholaif