Banking Sector

Egypt's central bank aims to achieve single-digit inflation rate in coming period

Wed, 06 Mar 2024 - 07:53 GMT

He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability

CBE sets regulations for financial leasing companies financing

Sun, 03 Mar 2024 - 03:58 GMT

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

Banks hedging financing for several “high risk for default” sectors

Mon, 12 Feb 2024 - 01:04 GMT

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

Banque Misr, NBE’s CDs collect LE 11B during 1st day of issuance

Mon, 08 Jan 2024 - 12:24 GMT

The NBE raised LE 7 billion and Banque Misr secured LE 4 billion

CBE delays charging transfer fees on InstaPay

Thu, 28 Dec 2023 - 04:50 GMT

Earlier this year, the CBE had previously mentioned that it would impose fees on transactions made via the app in early 2024.

CBE imposes restrictions on credit cards, FX transitions

Sun, 24 Dec 2023 - 05:38 GMT

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

CBE studies allowing opening bank accounts via mobile app in 2024

Tue, 21 Nov 2023 - 05:16 GMT

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.

InstaPay to potentially launch remittance services in Jordan, UAE and Saudi

Sun, 12 Nov 2023 - 05:54 GMT

The CBE is still studying whether remittances transferred via InstaPay will be credited to Egyptian accounts in local or foreign currency

Standard Chartered Bank to launch local operations by end of 2023

Thu, 09 Nov 2023 - 01:41 GMT

MPED minister El-Said met with the bank’s executive team on Wednesday, reviewing several economic development files such as the National Program for Economic Reforms

Banking sector’s domestic liquidity jumps to LE 8.34trn in July 2023, CBE

Sun, 03 Sep 2023 - 05:13 GMT

According to CBE’s report, Egypt’s money supply, consisting of cash circulating outside the banking system and demand deposits in local currency, has risen to LE 2.097 trillion

4 Egyptian banks see ratings downgraded by Fitch Ratings

Thu, 18 May 2023 - 01:15 GMT

The banking sector saw a record net foreign liability position of $14 billion at the end of March 2023, with Fitch writing that “banks' ability to build up foreign assets was hampered by tight FC liquidity and the sovereign's high gross external financing requirements”

Domestic banking sector’s liquidity climbs 7.6% to reach LE 7.96 trn: CBE

Wed, 03 May 2023 - 10:55 GMT

The report also reveals that the total non-governmental deposits in local currency in banks increased to LE 5.614 trillion in March 2023, up from LE 5.411 trillion in December 2022, representing a growth rate of 3.8 percent

Egypt’s banking sector provides $2B of importers’ requests within 3 days

Mon, 16 Jan 2023 - 03:16 GMT

This confirms the ability of the banking sector to cover pending currency requests for importers as soon as possible.

Banking sector's allocations reach LE209.75B at end of March

Sun, 19 Jun 2022 - 12:24 GMT

The total investments of banks in securities and investments in treasury bills amounted to LE 3.549 trillion at the end of March 2022, compared to LE 3.324 trillion at the end of December 2021.

Moody's maintains rating for Egyptian banking sector at 'B2' with stable outlook

Thu, 03 Feb 2022 - 04:29 GMT

Moody's expects the Egyptian economy to grow 5.5 percent in the current fiscal year 2022-2021.

Egypt's central bank obliges banks to facilitate access to banking transactions for people with disabilities

Thu, 30 Sep 2021 - 04:34 GMT

The new instructions come in light of the Central Bank of Egypt’s keenness to achieve financial inclusion and to include all groups, especially people with disabilities in the banking sector.

President Sisi follows upon state's banking sector activity

Mon, 10 May 2021 - 11:27 GMT

The meeting addressed lands in Egypt’s governorates, which are owned by government banks, the assets of which were discussed in detail.

Egypt's central bank announces working hours for banking sector during Ramadan

Thu, 08 Apr 2021 - 08:22 GMT

CBE stated in a statement, that the working hours for the public will be from 9:30 in the morning until 1:30 in the afternoon.

Banking Industry Forum urges action to combat money-laundering, terrorism financing

Sun, 15 Nov 2020 - 03:43 GMT

This came at the concluding session of the forum held under the auspices of the Central Bank of Egypt (CBE). The three-day event was organized by the Union of Arab Banks (UAB).

Arab banking conference in Sharm el Sheikh to discuss obstacles facing banking sector during COVID-19

Mon, 19 Oct 2020 - 07:20 GMT

The conference will tackle the latest developments concerning the banking industries as well as shedding light on opportunities and challenges facing these industries after the COVID-19 pandemic.