The Egyptian government has attracted $385 million from expatriates as part of an initiative allowing them to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency.
The CBE also decided to increase the daily maximum limit for cash withdrawals for individuals and companies from bank branches from LE 50,000 to LE 150,000.
This came in implementation of directives by Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohamed Bin Salman, the Saudi Press Agency (SPA) reported.
As a result of increased banks' financial capacity, the value of long-term loans and cash balances in the fund increased significantly on the assets side.
Egypt’s Parliament approved Sunday a law that allows foreigners residing in Egypt to obtain the Egyptian nationality for a bank deposit of LE 7 million.
The bank is now trying to up its game with a new app it plans to begin marketing in the third quarter.
Kuwait has agreed in principal to renew its four-billion-dollar deposit in Egypt, Central Bank of Egypt (CBE) Governor Tarek Amer said on Sunday.
The report remarked that the loan balance increased by LE 100 billion during the 11 months.
Egypt’s Bank deposits increased 43.1 percent in fiscal year 2016/2017 on a year on year basis to record LE 3027.8 billion.
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) will discuss Thursday the interest rates.
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) will discuss Thursday the interest rates, amid expectations to gradually decline the rates in the upcoming months.
Banque Misr received LE 190 billion from the high-yielding Talaat Harb certificates of deposit it offered for individuals.
CBE halted a deposit cap for companies set at $10,000 per day and $50,000 per month, in addition to a withdrawal limit at $30,000.
Moody’s predicts growth to pick up to 4.5 percent in fiscal year (FY) 2017/2018, from 4.0 percent in FY 2016/2017.
Total Egyptians’ deposits, including government’s deposits, surged to more than LE 3 trillion by the end of June 2017.
The bank has managed to achieve profit growth five years in a row.
The Parliament’s Defense and National Security Committee approved on Thursday a draft law that grants residency to foreigners in Egypt in return for bank deposits in foreign currency.