Total volume of Islamic banking in Egypt reaches LE 606B

Thu, 14 Mar 2024 - 03:09 GMT

The number of Islamic banking branches also expanded to 263 by the end of 2023, with an addition of 18 branches compared to the previous year.

Moody’s improves 5 banks’ outlooks to positive amid latest reforms and deals

Wed, 13 Mar 2024 - 11:41 GMT

State-owned banks National Bank of Egypt, Banque Misr, and Banque du Caire, as well as Commercial International Bank (CIB) had their Caa1 long-term deposit ratings affirmed, with the Bank of Alexandria maintaining its B3 long-term deposit rating

CBE reports 70.7% financial inclusion rate by end of 2023

Sun, 25 Feb 2024 - 11:35 GMT

According to the CBE, approximately 46.9 million Egyptian citizens now possess transactional accounts, including bank accounts, Egypt Post accounts, mobile wallets, and prepaid cards

Egypt cancels 29 T-bonds worth $1.12B during first half of FY23/24

Wed, 14 Feb 2024 - 01:26 GMT

However, during the same period, the government successfully offered T-bonds worth around LE 7 billion for durations ranging from 3 to 7 years, with an average return rate between 23 and 25 percent

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

CBE reminds banks of LE 150k withdrawal restrictions in circulated message

Wed, 31 Jan 2024 - 05:11 GMT

Local media cited a message sent to banks by the Central Bank of Egypt (CBE), in which it reminded banks to follow the set daily limits for individuals and corporations at LE 150,000

Banque Misr releases USD debit card with int’l monthly purchasing limit of $20K

Wed, 31 Jan 2024 - 01:26 GMT

BM’s new debit card will have a daily limit of $5,000 for purchasing outside Egypt, with a monthly cutoff of $20,000

Moody’s affirms 5 Egyptian banks’ ratings, downgrades outlooks to negative

Wed, 24 Jan 2024 - 11:27 GMT

The decision comes one week after the investor service’s downgrade of Egypt’s sovereign outlook to negative, citing increased risks caused by challenging macroeconomic and exchange rate rebalancing

Additional banks join in on restricting FX transactions abroad, some suspend withdrawals

Tue, 16 Jan 2024 - 03:52 GMT

Al Baraka Bank Egypt and EG Bank announced new restrictions on foreign currency transactions on Tuesday through their respective websites, following Abu Dhabi Islamic Bank (ADIB) and CIB’s new limitations released last Thursday

National Bank of Egypt and Banque Misr CDs sales amount to LE 205B

Thu, 11 Jan 2024 - 04:23 GMT

Both banks introduced one-year maturity saving certificates featuring a 27 percent annual yield or 23.5 percent monthly yield on the same day

Egypt expands IPO program with 61 new companies in 4 priority sectors

Wed, 10 Jan 2024 - 02:25 GMT

The new companies are reportedly affiliated with various entities, including the National Investment Bank, the Ministry of Finance, the Central Bank, the Ministry of Public Business Sector, and the Ministry of Transport

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 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

Financial position of banks operating in local market reported at LE 14.7trn: CBE

Mon, 18 Dec 2023 - 05:45 GMT

The CBE revealed that banks attained net revenues amounting to LE 486.1 billion, with total expenses recorded at LE 273.5 billion and net returns reaching LE 411.9 billion during the January–September period

Banking sector sees significant increase in total bank deposits in August, CBE

Sun, 10 Dec 2023 - 05:07 GMT

Local currency deposits climbed by 15.1 percent, foreign currency deposits surged by 77.9 percent, and foreign currency deposits amounted to 21.01 percent of total bank deposits in August 2023.

Fitch Ratings lowers credit rating of 3 state banks and 1 private bank to B-

Tue, 14 Nov 2023 - 03:40 GMT

Fitch lowered its long-term issuer default rating for state-owned National Bank of Egypt, Banque Misr and Banque Du Caire, as well as Commercial International Bank (CIB)

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

CBE directs banks to impose new controls on cash withdrawals from credit cards abroad

Tue, 17 Oct 2023 - 05:44 GMT

In an official statement, the central bank’s directive was sent after it became aware of users withdrawing cash abroad despite not traveling

CBE reports total financial position of banks operating in the local market at LE 13.79trn

Sun, 24 Sep 2023 - 03:01 GMT

Banks operating in the Egyptian market recorded cash balances of nearly LE 106.241 billion in June 2023, with balances in local and foreign banks of LE 2.326 trillion and LE 308.623 billion, respectively

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