BANKING

16 Dec 2014

EBRD Inks Two Loans with Egypt’s Biggest Bank to Support Women, Energy Efficiency

The European Bank for Reconstruction and Development is partnering with National Bank of Egypt (NBE) to introduce new lending products in the Egyptian market. The two parties have signed the loan agreement on Friday, December 12, 2014.


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15 Dec 2014

Banks seek to support car manufactures

Banks have a supportive and influential role in the Egyptian car trade despite current challenges, according to Director of Barclays Bank for retail and branches sector Hazem Hegazy.


Banks"...

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15 Dec 2014

Egypt steps up dollar sales as pound weakens in black market

Egypt’s central bank will step up foreign-currency sales this week after a dollar shortage pushed the pound to its weakest level in 20 months on black markets.


The bank will offer $40 million four times a week, up from the current three, it said in an e-mailed statement on Dec. 11.


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15 Dec 2014

IKON Group Awarded Best Institutional FX Platform at the 7th Saudi Money Expo 2014

IKON Group, the world’s leading Forex & Currencies Trading Broker, was presented with the "Best Institutional FX platform 2014" Award at the 7th Saudi Money Expo 2014 that took place on 14th & 15th November 2014.


IKON"......

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15 Dec 2014

IKON Group Held Seminar in Collaboration with the Oman Chamber of Commerce

IKON Group in collaboration with the Oman Chamber of Commerce held a seminar on Investment opportunities in Metals and Oil Commodities, as well as Currency Trading. Presiding over the event was Chairman for the Chamber of Commerce and Industry, Sheikh Abdullah Salem Al-Rawas.


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14 Dec 2014

CBE expected to allow further devaluation of Egyptian pound: HSBC

Further devaluation of Egyptian pound is expected during 2015 and 2016, according to a report issued by HSBC.


This will see rates of the currency versus the US dollar reaching EGP 7.50 by the end of 2015 and EGP 8 by the end of 2016.


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13 Dec 2014

Egypt CB to add fourth weekly dollar auction

Egypt’s central bank (CB) said it would add a fourth weekly auction of $40 million on Sundays from next week, as the government tries to curb a growing currency black market.

Central Bank Governor Hisham Ramez said last month he would take measures to calm the parallel market in the Egyptian pound EGP, which has grown in recent weeks, but he gave...

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09 Dec 2014

Bank of China to Offer Western Union Money Transfer® Service

Services expected to be available to consumers at over 10,000 locations in China


Signing to expand network of Western Union agent locations in China to over 32,000


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07 Dec 2014

Numerous public bank officials resign to protest maximum wage

Several officials in public banks submitted their resignations last week, in protest at the banking sector’s new maximum wage system, a resigned NBE official confirmed.


Banks"...

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01 Dec 2014

Egyptian Banks to provide LE10 bln to support budget deficit


The Ministry of Finance has asked local banks to manage funds worth LE 10.5 billion from which the ministry can borrow to finance the budget deficit on Sunday and Monday.


The Central Bank of Egypt (CBE) said Saturday it will supply"......

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