BANKING

05 May 2016

Egypt’s foreign exchange reserves gain $450m in April: CBE

The Central Bank of Egypt (CBE) revealed Wednesday that Egypt’s net international reserves increased by approximately $450m in April 2016.

It explained in a statement on its website that the reserves increased to $17.011bn in April, compared to approximately $16.561bn in March.

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04 May 2016

Afreximbank seeks to raise $3 bln this year - bank president

The African Export-Import Bank (Afreximbank) will seek to raise around $3 billion this year via Eurobonds, syndications and bi-lateral and institutional lending in order to finance its activities, the bank's president told Reuters on Tuesday.

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04 May 2016

CBE fixes dollar price in Tuesday auction, dollar remains stable in informal market

The Central Bank of Egypt (CBE) kept the dollar price unchanged against the pound at EGP 8.78 during Tuesday’s auction. The dollar’s price was also stable in the informal market, ranging between EGP 10.8 and EGP 10.95.

Through its weekly auction, the CBE sells dollars"...

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03 May 2016

Electronic payments account for no more than 2% of consumer spending in Egypt: Visa general manager for North and West Africa

A cultural adherence to using cash is the most prominent challenge facing the popularity of electronic payment cards in Egypt, said General Manager for North and West Africa at Visa Tarek El-Husseini.

Currently, the use of electronic payments accounts for no more than 2% of consumer"...

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03 May 2016

Banks operating in Egypt record EGP 35.88bn net profits in 2015: CBE

Banks operating in Egypt recorded EGP 35.882bn in net profits in 2015, according to the Central Bank of Egypt (CBE).

In a recent report issued by the CBE, these profits were achieved by private banks in the period between January and December 2015, and by public banks in the period"...

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01 May 2016

Egypt’s CB keeps key interest rates unchanged

CAIRO: Egypt’s central bank (CB) has kept its key interest rates unchanged in its first decision since it raised rates by 150 basis points last month.

The bank’s Monetary Policy Committee (MPC) kept the overnight deposit rate at 10.75 per cent and the overnight lending rate at 11.75 per cent.

The central bank had been taking measures...

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01 May 2016

Tax Authority collects EGP 200bn since last July, head says

Head of the Tax Authority Abdel Moneim Mattar announced on 30 April that the total revenue collected by the authority from the beginning of the fiscal year until April amounted to EGP 200bn.

Mattar expects tax revenue"...

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01 May 2016

EFSA issues EGP17.2bn in approvals for companies, capital increases in Q1 2016

The Egyptian Financial Supervisory Authority (EFSA) has issued 1,149 approvals for establishing new companies and increasing capitals of companies in the first quarter (Q1) 2016.

Head of the EFSA Sherif Sami explained"...

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28 Apr 2016

Visa Opens its First Innovation Center in Asia

Visa Inc. (NYSE:V) today announced the opening of its Singapore innovation center, the first in a network of new regional innovation centers that Visa is launching globally. The new 7,000 square foot Singapore facility will serve as a destination for clients, partners and developers, across"...

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26 Apr 2016

Steep decline expected in dollar exchange rate on informal market Tuesday

Head of the General Division of Exchange Firms at the Egyptian Chambers of Commerce (FEDCOC) Mohamed El-Abyad predicted a significant decline in the value of the dollar against the Egyptian pound on the informal market, starting from Tuesday.

El-Abyad told Daily News Egypt that, since"...

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