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