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Banks financed foreign trade operations worth $70.8bn from pound floatation to 14 December 2017: CBE

The total volume of foreign trade operations implemented by banks working in the local market, during the period extending from 3 November 2016 until 14 December 2017, reached $70.8bn, according to the Central Bank of Egypt (CBE). Importation operations financed by the banks since floatation up until now included basic and non-basic commodities. Production materials …

Hossam Mounir

Private sector loans from banks amounted to EGP 1.058tn

The volume of loans obtained by the private sector from banks increased by EGP 7bn in September 2017 to reach EGP 1.058tn compared to EGP 1.051tn in August 2017, according to the CBE. The bank explained that the total credit balances of banks operating in the Egyptian market rose during September by EGP 13bn to …

Daily News Egypt

Overall bank balance of payments surplus estimated at EGP 4.68tn

The overall balance of payments (BoP) surplus of banks operating in the Egyptian market amounted to EGP 4.688tn at the end of September 2017, compared to EGP 4.586tn at the end of August 2017, an increase of EGP 101.9bn, according to the Central Bank of Egypt (CBE). Banks increased their capital by EGP 9.4bn in …

Daily News Egypt

NREA negotiates with 5 banks to obtain EGP 1bn revolving loan

The New and Renewable Energy Authority (NREA) is currently in talks with five local banks to obtain a revolving loan worth EGP 1bn to finance solar power projects with capacities of less than 500 kW. Sources from the NREA said that it is negotiating with Banque Misr, the National Bank of Egypt (NBE), and the …

Mohamed Farag

5 banks agree with Go Bus to finance 30 buses

The tourism transport company Go Bus agreed with five banks this month to finance 50% of a deal to purchase 30 tourist vehicles, worth EGP 100m, to be received in April 2018. The five banks are the National Bank of Egypt (NBE), Banque Misr, Emirates NBD, Qatar National Bank (QNB), and the Commercial International Bank-Egypt …

Daily News Egypt

Volume of allocations in banks amounts to EGP 109.383bn

The volume of provisions made by banks to deal with bad and doubtful debts reached EGP 109.383bn at the end of August 2017, compared to EGP 110.218bn at the end of July 2017, a decline of about EGP 900m. At the same time, the volume of banks’ reserves in August declined by about EGP 3bn …

Daily News Egypt

Banks’ investments in T-bills reached EGP 549.96bn

Banks’ investments in treasury bills (T-bills) reached EGP 549.96bn by the end of September 2017, against EGP 522.35bn in August 2017, up by EGP 27.6bn. Public sector banks’ investments in T-bills reached EGP 269.938bn, while private banks’ investments reached EGP 247.358bn. Meanwhile, specialized banks’ investments reached EGP 11.138bn, and foreign banks operating in Egypt invested …

Daily News Egypt

17 banks involved in financing limited and middle-income housing

“There are 17 banks and three companies participating in the CBE’s initiative to finance [housing for] limited and medium-income [people]. There are negotiations to enter two new banks and another company within the initiative in the coming period,” said Mai Abdel Hamid, head of the MFF. She explained that the number of beneficiaries of this …

Daily News Egypt

Small construction companies demand banks to support them

The small and medium-sized companies working in the construction sector demanded that the financing obstacles faced by these companies, especially the serious companies qualified to participate in the development plan adopted by the state, be canceled. According to Daker Abd Allah, a member of the board of directors of the Egyptian Federation For Construction & …

Hossam Mounir

CBE raises banks’ reserve requirement

The Central Bank of Egypt (CBE) decided to raise the reserve requirement ratio of banks from 10% to 14%. The bank announced on Tuesday that this resolution will be applied starting 10 October. The CBE had maintained the reserve requirement ratio at 14% since 2001 until 2012, which was reduced gradually after the 25 January …

Mohamed Samir