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Deepening and broadening of Egypt’s effective reforms is critical to underpin the positive outlook for growth and unemployment of the country, David Lipton, the International Monetary Fund (IMF) Acting Managing Director
DNE sheds light on key performance indicators of banks operating in local market in April 2019
Locally operating banks receive 25% of EBRD funding portfolio in Egypt, says EBRD’s VP for Banking
Deposits up by EGP 1bn only as non-governmental deposits drop
The state’s household debt to the GDP slightly decreased to 7.2% in Q1 of 2019, compared to 7.4% in the same period of 2018, the report added.
Foreign investment in T-Bills reached about $11bn before 25 January 2011, but fell to less than $25m as of 2016.
Direction of capital flows depends on outlook for economic activity rate of growth, development of global trade tensions
Research note affirms strong expectations of interest rate cut by 100 bps in September or November
Bank accounts for 7.82% of loans, 5.17% of deposits in Egyptian banks by end-March 2019
Expected rise in inflation means CBE likely to keep interest rates unchanged for 3rd time in 2019
Investment bank expects inflation to temper at 13.3% in Q3 of 2019
Bank signs agreement to discuss situation of vehicles purchased by credit facilities
FX reserves increased to $44.352bn end of May: CBE
New electricity, fuel prices will hike monthly inflation: Saada
The CBE revealed that the current account deficit registered $7.6bn and the capital and financial account unfolded a net inflow of $7.8bn in the reporting period.
El-Shaarawy told Daily News Egypt that the bank is currently completing the regulatory and structural framework of the company, determining shareholders’ stakes, and the CBE’s contribution in the company.
The CBE noted that banks secured provisions of 98% of total NPLs at the end of March 2019. The ratio reached 100% at the 10 and five largest banks.
Top 5 banks denominate 74.48% of profits, top 10 account for EGP 33.32bn of profits, says CBE
Private enterprise sector denominates 60.8% of total facilities, with industry in lead, according to CBE
MerQ’s participation comes within the framework of supporting the state’s strategy and the Central Bank of Egypt (CBE) to spread awareness of financial inclusion
In May, Bank Audi signed the final acquisition contract of the NBG-Egypt, however sealing the deal currently depends on the approval of both the CBE and Banque Du Liban, the central bank of Lebanon
CBE receives 3 bids for United Bank, awaiting new offers
Boards of directors shall ensure banks’ plans match reliance on these companies, analyze risk associated with these services
Bank is launching its FinTech Hub, begins pilot phase in June
CBE accepts 24 offers worth $715m with 3.85-3.88% interest
Egypt’s ban of cryptocurrencies is due to be lifted, meaning companies that have the appropriate license from the Central Bank of Egypt (CBE) will soon be able to trade in cryptocurrency without fear of breaking any religious laws.
The Egyptian Real Estate Council proposed to set an interest rate of 8-12% on mortgage finance for middle-income housing units
A mini committee was formed including representatives of the CBE, banks operating in the Egyptian market, and real estate developers to discuss mechanism of the rules of facilitating mortgage finance.
Elfiky has a 35-year international experience in the fields of economic and financial consulting, training, scientific research, and applied studies in Egypt, Arab countries, and the United States.
Law grants CBE’s board right to issue regulation, circulation, dealing rules with such types of currencies, money