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10 banks offer EGP 6bn syndicated loan to Etisalat Egypt

A banking alliance of 10 major banks signed a syndicated long-term loan to Etisalat Egypt, amounting to EGP 6bn, to finance the purchase of the 4G licence and the new frequencies, as well as the repayment of the existing dues and the company’s operation expenses. The alliance included the National Bank of Egypt (NBE), the …

Daily News Egypt

Central Bank of Egypt

CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts

The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …

Hossam Mounir

Banks pose new restrictions to confront saving certificates leveraging scheme

A number of banks in Egypt have developed new restrictions for granting loans guaranteed by deposits, both short-term deposits and saving certificates. This aims to put an end to the phenomenon—also known as leveraging—that swept through banks in the past few days. Over the week, banks have noticed an increase in appetite from customers to …

Hossam Mounir

Minimal trading among banks on first day of inter bank mechanism

The trading of US dollar among banks on the first day of implementing the inter bank mechanism witnessed limited transactions on Sunday. The highest price of the US currency registered EGP 16.55. This is the first time banks are allowed to implement the decision of setting the exchange rate, after the Central Bank of Egypt …

Mohamed Ayyad