BANKING

23 Jun 2016

Private banks lift interest on deposits, savings accounts in Egypt

Private banks operating in the Egyptian market decided against increasing interest rates on their savings certificates at this time, after implementing limited interest increases on deposits and saving accounts.

According to Osama El-Menilawy, assistant general manager of the financial sector"...

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20 Jun 2016

Sunday: Banks to hold meetings to discuss future of interest rates

Cairo: Local market banks will hold meetings on Sunday to discuss the future of interest rates on deposits and loans. This follows the Central Bank of Egypt’s (CBE) decision to raise the prices of basic earnings by 1% on 16 June.

According"...

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20 Jun 2016

News Analysis: Egypt suffers from declining foreign currency reserves

CAIRO, June 19 (Xinhua) -- Egyptian illicit currency dealers circumvent the banking regulations and use multiple visa cards to withdraw as much dollars as they can outside the country"...

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20 Jun 2016

Allianz Worldwide Care Triumphs at Global Awards Ceremony

Allianz Worldwide Care has been recognised as the top international health insurer at the inaugural International Adviser Product & Service Awards, which took place in London recently and honoured excellence across the financial services industry.


...

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19 Jun 2016

Household sector acquires 62.68% of total deposits in banks in March

The household sector acquired about 62.68% of the total deposits in banks in March, according to an analysis by Daily News Egypt.

With assistance from the Central Bank of Egypt (CBE), the Daily News Egypt analysis revealed the sector’s increase in deposits in March from about EGP 1.26tn to about EGP 2.01tn,"......

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18 Jun 2016

Central Bank of Egypt raises key interest rates

Egypt's central bank raised its key interest rates by 100 basis points at its monetary policy meeting on Thursday, following a jump in inflation last month.

The Monetary Policy Committee (MPC) raised the overnight deposit rate to 11.75 per cent from 10.75 per cent and the overnight lending rate was raised to 12.75 per cent from 11.75 per cent, according...

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16 Jun 2016

Egypt's illicit currency traders defy crackdown, spread business abroad

Cairo: Egypt's efforts to stamp out illicit currency trading is pushing black market dealers to carry out transactions abroad, beyond the reach of the law, robbing the economy of its last vital source of foreign currency.

Dealers"...

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15 Jun 2016

Egypt to receive AfDB’s $1.5 bln second trance before year-end: official

Egypt is likely to receive the second tranche of the African Development Bank (AfDB)’s loan before the end of the current year, an AfDB official told Amwal Al Ghad on Tuesday.

The sum worth $500 million, which"...

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15 Jun 2016

EBI organises visits to India, Hungary to learn about SME financing

Cairo: Small- and medium- enterprises (SME) in the Egyptian Banking Institute (EBI) organised two visits to India and Hungary in May 2016 in order to learn about their experience in financing SMEs.

The"...

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15 Jun 2016

National Bank of Egypt signs loan agreement with ANRPC

CAIRO: A loan worth EGP1.98 billion is inked by the National Bank of Egypt (NBE) with the Alexandria National Refine and Petrochemicals Company (ANRPC). The 9-year loan is earmarked to set up a naphtha and continuous catalyst regeneration unit with a capacity of 850,000 tpa.

The loan will be utilised to back 72% of the total investment cost to establish...

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