BANKING

07 May 2015

Crédit Agricole generates EGP 236.2m in Q1 2015

Crédit Agricole Egypt (CAE) has achieved net profits worth $30.9m (EGP 236.2m) in the first quarter of 2015, compared to a total of $19.3m (EGP 147.6m) in the same period last year; the bank announced Wednesday.


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07 May 2015

Egypt's central bank reduces foreign exchange auction days to 3 per week - statement

Egypt's central bank announced on Thursday it will only hold three foreign exchange auctions per week, instead of four.


In a statement released on its official website, the bank said the auction days will be Sunday, Tuesday and Thursday. It added that the amount for each auction will be announced prior to"......

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06 May 2015

Banks to benifit from tourism revival: NBE's official

Following the tourism sector’s recession, affected by the political and economic turmoil following the 25 January Revolution, the banking sector has stood beside insolvent tourism companies and investors in attempt to revive the sector.

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05 May 2015

Egypt's Central Bank Announces Sale of U.S.$500 Million On Interbank Market

Egypt's central bank announced on Monday the sale of $500 million on the interbank market to "clear all outstanding strategic staple food commodities" as the month of Ramadan approaches.


The"...

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05 May 2015

Egypt banks ordered to sell dollars cheap to curb food inflation

Egyptian banks were directed to sell dollars to food importers at a discount, as the country taps cash aid from its Gulf allies to fight the highest food inflation in five months.


The"...

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30 Apr 2015

IDB refutes Bloomberg’s statement on Egypt repayment issues

Ahmad Mohamed Ali, president of the Islamic Development Bank Group, has emphatically denied allegations on Bloomberg's website that the bank has demanded that Egypt pay its overdue debts before IDB will finance further projects.

The president of IDB stressed that Bloomberg’s allegations were not founded on reality since there is no issue of overdue...

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30 Apr 2015

Agreements to be signed with IDB to bolster cooperation: Al-Ahwani

Egypt’s Ministry of International Cooperation will sign a strategic partnership with the Islamic Development Bank Group to further enhance bilateral collaboration, amid reports that the lender halted additional lending to the country until repayments are made.


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27 Apr 2015

IDB’s Islamic Cash Closed to Egypt Until Loan Repayment Starts

Egypt will need to complete projects and start repaying loans if it wants more funds from the Islamic Development Bank.

The Arab world’s most populous nation got $1.3 billion from"...

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26 Apr 2015

6 banks request Citibank Egypt retail business acquisition

Six banks have requested to acquire Citigroup’s retail business in Egypt, with the Central Bank of Egypt (CBE) on top of the acquisition discussions, a Citibank Egypt official told Daily News Egypt Saturday.


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22 Apr 2015

Technical financial inclusion provides LE 37 bln into banking sector: Hanafy


Minister of Supply Khaled Hanafy said the government has sought to make some economic reforms through policies and methods.


First of these includes technical financial inclusion, previously considered impossible, but which the government"......

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