Banking Sector
The growth in foreign assets was partially fueled by the successful $2 billion international bond sale on January 29, marking Egypt's first dollar-denominated bond issuance in four years.
Several Egyptian banks were recognized among the 25 Most Valuable Bank Brands in Africa.
The report also revealed that net returns for banks operating in the country totaled LE 915 billion by the end of 2024, up from LE 582.5 billion the previous year.
Banque du Caire, owned by the state-run Banque Misr, holds assets of $9.4 billion (LE 478 billion) as of September 30
This represents a significant increase of LE 412 billion from December 2023, reflecting an impressive 68 percent growth
With 75 percent of Egypt’s banking sector now aligning with sustainable finance principles, as confirmed by the CBE, the sector has set an industry standard for responsible financial practices.
Despite the recent downturn, Egypt's NFA position is expected to improve in January 2025, thanks to a $2 billion international bond sale.
He also highlighted that this development is the outcome of the continuous communication and collaboration between the CBE and African central banks
The sector’s net foreign assets deficit has narrowed significantly, dropping to $130 million by September 2024, down from $17.6 billion in January.
Egypt could potentially see fresh funding from the African Export-Import Bank (Afreximbank) by the end of the year, according to explained Executive Vice President of Global Trade Bank of Africa at Afreximbank, Haytham El Maayergi, speaking to Asharq Business
According to Fitch, the exchange rate float on March 6, 2024, alongside substantial financing totaling $57 billion, bolstered forecasts for the sector
According to new data from the Central Bank of Egypt (CBE), cash balances held by banks operating in Egypt amounted to LE 109.394 billion in February, explained the CBE
He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability
These measures aim to ensure that the total grants and investments in securitization portfolios of the leasing companies do not surpass 5 percent of the bank's overall portfolio of loans and credit facilities
Identified as the real estate, tourism, fertilizers, fodder, rebar, cement, and ceramics sectors, the sectors were classified as “high risk of default” due to foreign currency shortages and high inflation
The NBE raised LE 7 billion and Banque Misr secured LE 4 billion
Earlier this year, the CBE had previously mentioned that it would impose fees on transactions made via the app in early 2024.
Individuals holding credit cards issued on or after December 21 will be required to wait a minimum of six months before engaging in FX transactions
The new service will be provided through the Digital Financial Identity Company, to which the Central Bank of Egypt contributes a 55 percent share of the company’s capital, which amounts to 500 million pounds.
The CBE is still studying whether remittances transferred via InstaPay will be credited to Egyptian accounts in local or foreign currency
