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The deposit was made as Tunisia’s Islamist-led government faces pressure from lenders such as the World Bank and the International Monetary Fund to make reforms to trim its budget deficit and end a political crisis.
The three mobile operators made proposals to CBE to collaborate on bettering cash transfer services
The main driver was banks’ heavy investment in government T-bills and bonds, whose yields jumped because of the state’s worsening financial position in the wake of the February 2011 revolution which ousted President Hosni Mubarak.
Independent unit to manage small- to medium-sized projects will be launched before the end of this year
New mortgage and savings certificate products were released during the last quarter
Vice-President for the MENA region visits Egypt for the first time since 30 June
HSBC forecasts a modest pick-up in export growth to over 4%
When Morsi took office in July 2012, Egyptian bank loans totaled EGP 503.2bn, compared to the EGP 544.8bn after his removal in July 2013.
Police arrested 12 men, aged between 23 and 50, in London, and later charged four of them, on suspicion of conspiracy to steal.
Bank: “Rumours aim to destroy the confidence in the stability and safety of the country’s economy”
The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), compared to EGP 283.6m during the first half of 2012.
Ministry calls for halting any land seizures that would prevent a Palestinian state
Central Bank releases bids for new bills worth upwards of EGP 7bn, at a 14.1% interest rate
Move by Central Bank aims to reassure foreign investors
President Morsy will issue a declaration in a few days to amend 2 articles of the presidential decree number 64 for 2004 governing the Central Bank of Egypt, according to state-owned Al-Ahram. The cabinet has already approved the modification to the law that was issued by the Supreme Council of Armed Forces (SCAF) last year. …
Iraq Central Bank head suspended, Mubarak’s Laundromat
The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
More QE cash expected, but BoE is likely to wait until November
Ashraf el-Arabi, minister of development and international cooperation discussed economic support to Egypt with Hildegard Gacek, managing director of the European Bank for Reconstruction and Development (EBRD) for the southern and eastern Mediterranean region on Wednesday. It was reported that the Egyptian government seeks to attract the EBRD to carry out operations in Egypt beside …
By Ibrahim El-Masry Minister of Planning and International Cooperation Ashraf Al-Arabi said the government is considering drafting a new law to regulate the flow of foreign capital to Egypt whether in investments or funding for non-governmental organisations (NGOs). Speaking during a public session of the Shura Council that tackled the issue of foreign grants and …
$5 billion power stations to be installed during winter, says the ministry of Electricity
Chairman of the Egyptian Financial Supervisory Authority (EFSA), Ashraf El-Sharqawy, approved new regulations for changing stocks’ closing price, suggested by Egypt’s Stock Exchange (ESE) board of directors, in order to stem closing price manipulations that delay trading operations. The new regulations stipulate that in order to change a stocks’ closing price, the number of shares …
Crop Yield Prices Balancing Fund plan to be proposed to Cabinet
By Waleed Abdel Azim The exchange rates of different currencies have stabilised during the Eid holiday and demand has not increased for any of the major currencies. The US dollar recorded a rate of 6.08, the Euro recorded a rate of 7.55 and the GB pound recorded a rate of 9.85 to the Egyptian pound. …
By Nasser Youssef The Housing and Development Bank (HDB) plans on building a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government. An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years. The estimated cost of …
Barclays said that Agius, who has chaired the bank for six years, would remain in his post until a successor was found