Reuters New Egypt bank rules to boost business lending and growth Egypt's central bank said on Monday it had amended credit market rules to encourage banks to lend to a wider range of clients, as part of efforts to mitigate credit risk and boost growth. In a circular published on its website, the central bank cut the maximum amount that banks are allowed to lend to a single client to 15 percent of their Tier One capital, down from 20 percent previously, to reduce the risks associated with lending to a small number of large clients. In a separate circular, it said that banks were also relying too heavily on retail lending, including personal, car and housing loans, and placed new limits on consumer credit. Read more: http://www.dailymail.co.uk/wires/reuters/article-3394492/New-Egypt-bank-rules-boost-business-lending-growth.html#ixzz3x0YogNS4 Associated Press Oil Minister Says Egypt 'Suffering' From Fuel Subsidies Egypt's petroleum minister said Monday the country is "suffering" due to fuel subsidies, saying these funds are better diverted to other areas such as health care and education. Tarek el-Molla, speaking at a conference in Cairo, showed in a presentation that between July and September 2015, the government paid 42 percent of the cost of 92-octane gasoline, which is used to fuel private vehicles owned by more affluent Egyptians. While a liter of 92-octane gasoline cost 4.5 Egyptian pounds (57 cents), it sold at 2.6 pounds (33 cents) at the pump, a graph in his presentation showed. El-Molla also highlighted similar disparities in the true cost and selling price of other fuel products. Read more: http://abcnews.go.com/International/wireStory/oil-minister-egypt-suffering-fuel-subsidies-36215638
