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Business
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Economy
3/10/2024 1:50:00 PM
Head of Egypt’s Banks Federation Mohamed El-Etreby urged caution amid an influx of hard currency into Egypt in the form of hot money following the flotation of the Egyptian pound and an increase in interest rates.
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Business
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Economy
3/7/2024 8:04:00 PM
The Egyptian pound averaged EGP 49.3 against the US dollar in most major banks at the closing of Thursday's trading just 24 hours after the Central Bank of Egypt (CBE) floated the local currency against the greenback.
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Business
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Economy
3/7/2024 6:43:01 PM
The Central Bank of Egypt (CBE) announced the working hours for banks during the holy month of Ramadan, which is expected to start on Monday.
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Business
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Economy
3/6/2024 6:03:00 PM
The Central Bank of Egypt (CBE) decided on Tuesday to float the Egyptian pound (EGP) and raise interest rates by six percent, in a bold move to meet economic challenges.
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Business
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Economy
3/6/2024 5:16:55 PM
The National Bank of Egypt (NBE) and Banque Misr (BM), Egypt’s largest state-owned banks, announced on Wednesday the launch of three-year certificates of deposits (CDs) with initial annual interest rates of up to 30 percent, which decrease gradually.
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Business
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Economy
3/6/2024 1:02:19 PM
The Central Bank of Egypt (CBE) has instructed local banks to lift the spending limit on foreign currency credit cards. The decision is part of a broader economic reform programme implemented by the CBE and the government, with the backing of international partners.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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Business
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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.
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