Banking
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
With the new licensing regulations, digital banks will be required to keep a minimum issued and paid-up capital of LE 2 billion ($65 million)
Islamic banking accounts for approximately 5% of the overall Egyptian banking sector, according to the EIFA’s latest data
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”
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 NFAs deficit surged by LE 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023
Loans and advances portfolio reached EGP 53.9 billion. Total assets reached EGP 85.7 billion and the deposit portfolio has grown by 30.4% by the end of 2022.
He indicated that the compulsory reserve ratios for all Egyptian banks are in a good position, especially since there are decisions from 2017 to increase the compulsory reserve ratios from 4% to reach 14%, which puts banks in a better position.
Chairman of the General Authority for Free Zones and Investment (GAFI) Mohamed Abdel Wahab held a series of meetings in Qatar Monday to discuss new projects as well as existing ones.
The penalties were stipulated in Article 233 of the new Central Bank and Banking System Law. Also, the sums and items subject to illegal trading shall be confiscated.
Within the long cooperation between Arab African International Bank and Visa, the bank received the African Cup of Nations inside its headquarters on Thursday, December 9, 2021, on the occasion of the “TotalEnergies AFCON 2022”
The new strategic agreement will provide business banking customers with a host of financial and non-financial services for their businesses to thrive. By leveraging Visa’s digital solutions and technological capabilities, CIB can grow its current SMEs base while strengthening its value proposition.
On Wednesday 16th of September, Housing & Development Bank (HDB) celebrated the launch of HDB Royal
That was during her participation via video conferencing in the celebration of International Women's Day "Choosing a Challenge."
The fifth “Builders of Egypt” Forum themed “Building Exports as a New Future for Investment” will kick off on June 16.
