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This came during the event organised on Monday by the British Egyptian Business Association (BEBA), entitled “Digital assets and artificial intelligence”. The Egyptian now use Meeza cards to receive pensions, salaries, and even subsidies later on, she added.
Most cuts were limited to variable return certificates
Banks will begin Sunday to discuss the fate of interest on their CDs, deposits, and loans
This is the second interest cut in a row following the 150 basis point on 22 August, and the third in 2019.
MPC ecided at its meeting on 22 August 2019 to reduce the interest rate by 150 basis points for overnight lending, overnight deposit, and CBE’s main operation, to settle at 14.25%, 15.25%, and 14.75% respectively.
Meetings discuss latest economic, financial, monetary developments, banking supervision, financial stability, inclusiveness, and modern financial technologies, according to AMF
Largest ten banks in Egypt hold more than 81% of credit and debit cards
The CBE said in a recent report that these debts include $21bn of interest on paid loans and $5bn of debt services.
Yield on T-bills on Sunday’s auction dropped by 0.75-1.5%
Government welcomes decision, investment banks forecast further cuts by end-2019, depositors are most affected,
Experts forecasts further cut before end-2019, debt instruments remain attractive
CBE set accepted yield minimum at 1.4%, maximum at 1.5%, average at 1.49%
Future interest rate cuts to ease government’s debt service burden, say economic experts
Deposits up by EGP 1bn only as non-governmental deposits drop
The state’s household debt to the GDP slightly decreased to 7.2% in Q1 of 2019, compared to 7.4% in the same period of 2018, the report added.
Direction of capital flows depends on outlook for economic activity rate of growth, development of global trade tensions
Research note affirms strong expectations of interest rate cut by 100 bps in September or November
Bank accounts for 7.82% of loans, 5.17% of deposits in Egyptian banks by end-March 2019
Investment bank expects inflation to temper at 13.3% in Q3 of 2019
FX reserves increased to $44.352bn end of May: CBE
New electricity, fuel prices will hike monthly inflation: Saada
The CBE revealed that the current account deficit registered $7.6bn and the capital and financial account unfolded a net inflow of $7.8bn in the reporting period.
The CBE noted that banks secured provisions of 98% of total NPLs at the end of March 2019. The ratio reached 100% at the 10 and five largest banks.
Egypt’s ban of cryptocurrencies is due to be lifted, meaning companies that have the appropriate license from the Central Bank of Egypt (CBE) will soon be able to trade in cryptocurrency without fear of breaking any religious laws.
A mini committee was formed including representatives of the CBE, banks operating in the Egyptian market, and real estate developers to discuss mechanism of the rules of facilitating mortgage finance.
Elfiky has a 35-year international experience in the fields of economic and financial consulting, training, scientific research, and applied studies in Egypt, Arab countries, and the United States.
Law grants CBE’s board right to issue regulation, circulation, dealing rules with such types of currencies, money
Private enterprise sector denominates 60.8% of total facilities, with industry in lead
Banks such as IDB, ABE, ELAB, EBE do not fall under the specialised banks category, will not be exempted from EGP 5bn minimum capital: Negm
Expectations for US dollar to reach EGP 16.5