BANKING

09 Jan 2017

HDB increases number of branches to 70

The Housing and Development Bank (HDB) increased the number of its branches to 70 by the end of 2016, after the inauguration of the latest branch in Port Said.

According to the bank’s chairperson, Fathi Sebaey, the bank has achieved the first phase of its extension plan for 2016 by"...

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08 Jan 2017

Egypt’s foreign reserves rise to $24.265b: Central bank

Egypt’s net foreign reserves rose to $24.265 billion at the end of December from $23.058 billion at the end of November, the central bank said, cash that economists said would cover imports for more than five months.

Egypt floated its currency in November as part of a series of economic reforms aimed at reducing the budget deficit and balancing...

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06 Jan 2017

Egyptian importers face bankruptcy after currency float

MOHSEN Al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy.

He is"...

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06 Jan 2017

Egypt introduces first bankruptcy law with eye on increased investment

Egypt has introduced the country’s first bankruptcy law which among others seek to minimize the need for individuals or companies to resort to courts while abolishing imprisonment in bankruptcy related cases. This, as the country looks to economic reforms with a view to encouraging"...

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06 Jan 2017

Egypt’s foreign debt reaches $60bn

Egypt’s external debt has increased by 7.8 per cent, reaching approximately $60 billion by the end of the first quarter of the current financial year 2016/17, official sources at the Central Bank of Egypt revealed yesterday.

During"...

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04 Jan 2017

The Egyptian pound is down – but its day will come

In the past few days, I have walked around the streets of downtown Cairo inquiring into the price the Egyptian pound. One licensed money changer I went to advertised that it would buy dollars for 18.70 pounds and sell them for 18.80. But only a few doors down the street, an unlicensed man"...

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03 Jan 2017

Gulf mixed, Oman falls after budget; Egypt edges down

Gulf stock markets were mixed on Monday as most reopened after the New Year, with Oman falling after the release of an austere state budget for 2017. Egypt edged down although foreign investors remained net buyers of stocks.

Dubai's index rose 0.2 percent as much activity focused on speculative stocks with prices below 1 dirham. Islamic Arab Insurance...

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03 Jan 2017

Egypt to pay $720 million to Paris Club this month

Egypt plans to pay back around $720 million to the Paris Club of creditor countries this month, the central bank announced Monday.

As pursuant to an agreement between the Egyptian government and the Paris Club several"...

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03 Jan 2017

World Bank and Egypt sign a USD1bn Loan to Support Inclusive Growth in Egypt

The World Bank and Ministry of International Cooperation has signed the loan agreement for USD 1 billion for the Second Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF) for Egypt.

This"...

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29 Dec 2016

United Bank signs partnership protocol with Suez Canal Economic Zone

Ashraf Elkady, chairperson of the United Bank of Egypt, and Ahmed Darwish, chairperson of the General Authority for the Suez Canal Economic Zone, signed a partnership protocol to provide banking services, and financial and technical consulting for Egyptian and foreign investors willing to invest in the Suez Canal Area Development Project.

According"...

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