BANKING

27 Jul 2014

7 banks raise interest rates on deposits after Central Bank decision


Seven banks have raised prices on returns, in a weak response to the Central Bank of Egypt’s (CBE) decision to raise various rates on deposits and lending.


A recent CBE decision saw an increase in the benchmark overnight"......

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21 Jul 2014

Egypt's stocks slide after CBE interest rate hike

EGX30 down 0.72 percent after interest rates were raised last week as a precautionary measure against inflation from fuel price hikes.

Egypt's stocks fell on Sunday in its first session since the country's central bank decided to raise interest rates to control inflation expected"...

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20 Jul 2014

SODIC, CIB sign EGP300m loan for Westown project

An EGP300m medium term loan was signed Wednesday between the Sixth of October Development and Investment Co. (SODIC) and the Commercial International Bank (CIB), SODIC said Wednesday in a statement.


“The"...

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19 Jul 2014

Egypt CB raises interest rates to hold down inflation

Egypt’s central bank (CB) raised benchmark interest rates late on Thursday in an unexpected move seen as an attempt to hold down inflation less than two weeks after the government slashed subsidies on fuel and electricity.

The central bank raised the overnight deposit rate to 9.25 per cent from 8.25 per cent and the overnight lending rate to 10.25...

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16 Jul 2014

Egypt's central bank seen keeping key interest rates on hold- poll

Egypt's central bank is expected to leave interest rates unchanged on Thursday as it balances its efforts to keep inflation in check with the need to stimulate the economy after more than three years of stagnation, a Reuters poll showed.


"...

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15 Jul 2014

Egypt to cooperate with World Bank to increase economic competitiveness: minister


The Egyptian government has commenced the process of revising economic legislation, including contract enforcement laws, the bankruptcy law, the finance market law and others, to ensure conformance to international"...

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15 Jul 2014

IMF suggests cash transfers to improve subsidies targeting

The International Monetary Fund (IMF) published 9 July a report on subsidies in the Middle East and North Africa (MENA) region, also outlining the necessary triggers for reform.


The"...

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14 Jul 2014

National Bank of Egypt eyes dollar-denominated bond sale in 2014

The National Bank of Egypt ( NBE ) plans to issue a dollar-denominated bond this year to tap international markets for up to USD 1 billion, the chairman told Zawya.

"We will decide on a suitable time to offer the dollar bond after consulting"......

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14 Jul 2014

World Bank approves $300 million interest free loan to Egypt

Loan gets green light to finance micro and small enterprises in Egypt, especially in Upper Egypt.

The World Bank has approved a $300 million interest free loan to Egypt to fund micro and small enterprises (MSEs), Mounir Fakhry Abdel-Nour, Egypt's minister of industry, commerce and"...

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10 Jul 2014

World Bank negotiating $500m loan for gas delivery to homes

The World Bank is in negotiations to grant Egypt a loan of $500m to finance delivery of natural gas to approximately 800,000 housing units through the next fiscal year, according to Khaled Abdel Badie, chairman of the state-run Egyptian Natural Gas Holding Company (EGAS).


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