Afreximbank grants $3.55bn to Egypt banks amid COVID-19 response

The African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution, has granted $3.55bn to Egypt’s banking sector since the start of the novel coronavirus (COVID-19) pandemic in March.

Afreximbank"...

CIB gains profits of LE4.99B in 6 months

CAIRO – 14 July 2020: The Commercial International Bank’s (CIB) consolidated profits dropped 6.6 percent during the first half of 2020, recording LE 4.99 billion, compared to LE 5.35 billion, including minority rights, in the same period of 2019.

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Financial position of banks in Egypt up to EGP 6.421trn in April: CBE

The Central Bank of Egypt (CBE) has announced that the total financial position of banks in Egypt increased by EGP 255.385bn to EGP 6.421trn in April 2020. The figures compare to the EGP 6.165trn reported in March.

In"...

LE10 plastic note not to replace old one: Egypt's central bank

CAIRO – 13 July 2020: Egypt will issue its LE10 plastic note as soon as the New Administrative Capital's printing facilities start working, Deputy Governor of the Central Bank, Gamal Negm said Monday.

This"...

CBE allowed to practice central depository, registration of government securities

Egypt’s President Abdel Fattah Al-Sisi has ratified Law No 143 for 2020 that will see amendments to the Central Depository and Registration Law.

The amendments allow the Central Bank of Egypt (CBE) to launch"...

US dollar depreciates by 19 piasters against Egyptian pound last week

The US dollar exchange rate against the Egyptian pound continued a noticeable depreciation during last week’s transactions, losing between 9 and 19 piasters at banks operating in the local market.

The American"...

Banks in Egypt hedge against COVID-19 despite Q1 profit decline

Banks operating in Egypt are hedging against the expected repercussions of the novel coronavirus (COVID-19), by making provisions and increasing their reserves. The steps have been taken off the back of a decrease in their profits in the first quarter (Q1) of 2020, and in anticipation of"...

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

E-commerce has reached new heights around the world, as more consumers are going online to make secure, touch-free purchases across various merchants and platforms. Now, it’s more important than ever that the online checkout experience is seamless and consistent across all types of"...

Egypt’s central bank issues LE23.5 on T-bills, bonds Sunday

CAIRO - 5 July 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is set to issue LE 23.5 billion in treasury bills and bonds on Sunday, July 5.

The T-bills will be offered in"...

CBE provides EGP 69bn in facilities to support industry, agriculture, contracting sectors

Funds used by the Central Bank of Egypt’s (CBE) Industry, Agriculture, and Contracting Support Initiative amounted to EGP 69bn at the end of June, according to an official CBE source.

The funds, which were"...