Banking
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
The CBE also shared that the net open foreign currency positions as a percentage of total capital base improved significantly to 5.7 percent in March 2024, from -1.6 percent in December 2023
The new surplus reflects the country’s rapid recovery from previous deficits, which almost reached a high of $30 billion earlier this year, exacerbated by external economic challenges
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
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.
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
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
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
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
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
BM’s new debit card will have a daily limit of $5,000 for purchasing outside Egypt, with a monthly cutoff of $20,000
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
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
Both banks introduced one-year maturity saving certificates featuring a 27 percent annual yield or 23.5 percent monthly yield on the same day
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
The NBE raised LE 7 billion and Banque Misr secured LE 4 billion
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 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
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.
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