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Business - Economy
2/16/2024 6:12:53 PM
Egyptian banks' one-year maturity saving certificates of deposits (CDs), which offer a high annual yield of 27 percent or a monthly yield of 23.5 percent, have attracted a record EGP 642 billion in just 42 days, according to reports.

Business - Markets & Companies
2/11/2024 12:31:46 PM
Visa signed a memorandum of understanding (MoU) with Egyptian Banks Company (EBC) in collaboration with the Central Bank of Egypt (CBE) to facilitate and enhance the process of international remittances for Egyptians living abroad, Visa announced on Sunday.

Business - Economy
2/1/2024 8:35:31 PM
​Global investment banks Goldman Sachs and Pictet Asset Management issued recommendations urging investors to purchase Egypt's US dollar-denominated bonds, according to a report by Bloomberg.

Business - Economy
1/31/2024 6:25:28 PM
The Central Bank of Egypt (CBE) has reduced the daily cash withdrawal limits in Egyptian pounds for corporations and individuals to EGP 150,000, according to a message sent to banks on Wednesday.

Business - Markets & Companies
1/29/2024 11:35:32 PM
A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.

Business - Economy
1/25/2024 7:08:02 PM
The National Bank of Egypt (NBE) and Banque Misr collected EGP 471 billion in proceeds through their high-yield certificates of deposit (CDs) within three weeks following issuance, the chairmen of the two banks said in press statements on Wednesday.

Business - Economy
1/24/2024 2:36:33 PM
Global rating agency Moody’s has changed the future outlook for five major Egyptian state-owned and private banks from stable to negative, while maintaining their long-term deposit ratings at CAA1 and B3, according to a report by the agency on Tuesday.

Business - Economy
1/23/2024 10:52:58 AM
The European Bank for Reconstruction and Development (EBRD) has selected its first Civil Society Organization (CSO) Steering Committee comprising international non-governmental organizations (INGOs) and CSOs from across the EBRD’s regions, according to a statement on Monday.

Business - Economy
1/22/2024 6:34:52 PM
Saudi Islamic Al-Rajhi Bank, one of the biggest banks in the country, suspended transactions in Egyptian pounds across all of its branches in the kingdom, an informed source at the bank told Ahram Online.

Business - Economy
1/21/2024 2:47:39 PM
The Central Bank of Egypt (CBE) has announced that all banks operating in the country will be closed on Thursday 25 January, on the occasion of the 25 January Revolution and Egyptian Police Day anniversary.

Business - Economy
1/21/2024 2:09:18 PM
Egypt-listed Maridive and Oil Services announced that its subsidiary Ocean Marine UAE is finalizing a deal to sell a $40 million marine unit to settle a part of a $45.5 million debt to banks, according to a bourse statement on Sunday.

Business - Economy
1/18/2024 10:25:07 PM
The Central Bank of Egypt (CBE) extended the instructions mandating banks to allocate 25 percent of their credit facilities portfolio to micro, small, and medium-sized enterprises (MSMEs) for one year starting 1 January 2024, according to a circular on Thursday.

Business - Economy
1/17/2024 6:00:00 PM
Al Baraka Bank Egypt and EG-Bank on Tuesday suspended international credit cards cash transactions amid a severe hard currency shortage in Egypt, according to the banks’ websites.

Business - Economy
1/13/2024 5:11:43 PM
Egypt's Nasser Social Bank (NSB) has launched new certificates of deposit (CDs) that offer an annual yield of up to 20 percent, with a three-year maturity period, according to a Cabinet statement on Saturday.

Business - Economy
1/11/2024 10:43:56 PM
Gold prices surged 15 percent year-on-year (YoY) to $2,078 per ounce in 2023, its all-time-high, supported by the increased demand by central banks and the geopolitical risks that benefit a haven like gold, according to a report by the World Gold Council (WGC).

Business - Economy
1/11/2024 7:36:44 PM
Some Egyptian banks have reduced foreign currency credit card spending limits, a banking source confirmed to Ahram Online on Thursday.

Al-Ahram Weekly - Egypt
1/9/2024 9:41:25 PM
New high-yield savings certificates have been introduced by Egypt’s banks in a bid to curb inflation and put the brakes on gold, reports Safeya Mounir

Business - Economy
1/9/2024 6:01:30 PM
The Central Bank of Egypt (CBE) has instructed all banks operating in the country to apply a minimum interest rate of 24 percent on loans, sources in the banking sector revealed to Ahram Online.

Business - Economy
1/7/2024 7:17:41 PM
The National Bank of Egypt (NBE) and Banque Misr expect to collect over EGP 500 billion in proceeds through January from their newly introduced certificates of deposit (CDs), Mohamed El-Etreby, head of Banque Misr and chairman of the Federation of Egyptian Banks (FEB), said on Saturday.

Business - Economy
1/6/2024 2:50:01 PM
The National Bank of Egypt (NBE) and Banque Misr collected EGP 11 billion in proceeds through their high-yield certificates of deposit (CDs) within 24 hours following issuance, Mohamed El-Etreby, head of Banque Misr and chairman of Federation of Egyptian Banks, said on Friday.

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