Egypt's microfinance market amounted to about EGP 17.866bn in the first quarter (Q1) of 2020, granted to 3.2 million customers, the Financial Regulatory Authority (FRA) has announced.
An FRA report noted that the total financing granted to (...)
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is developing an urgent plan to improve Egypt's SMEs sector after the coronavirus (COVID-19), according to Nevine Gamea, Minister of Trade and Industry and Executive Director of (...)
The Commercial International Bank – Egypt (CIB) revealed it has achieved EGP 7.542bn in pre-tax profits by the end of June 2020, compared to the EGP 7.396bn at the end of June 2019. The latest figures provided by the bank reflect an increase of (...)
Crédit Agricole considers Egypt an important market with excellent potential and tremendous investment opportunities across several sectors, says Crédit Agricole Egypt Managing Director Pierre Finas.
The bank seeks to expand its long-term foothold (...)
The Egyptian pound continued its appreciation against the US dollar on Monday, supported by an increase in foreign exchange (FX) flows into the Egyptian market.
The US dollar value lost 32 piasters against the local currency, reaching EGP 15.90 to (...)
Mashreq Bank has appointed Haitham Hammad as the Deputy CEO of its Egypt unit. Hammad will be responsible for several aspects of the bank's services, including: management of private teams; retail banking services; digital services; local branch (...)
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 currency was affected by the Egyptian (...)
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 (...)
Egypt's consumer price index for urban consumers (CPI-U) increased to 5.6% in June, compared to 4.7% in May, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Thursday.
The agency added, in its monthly inflation report, that (...)
HSBC Bank Egypt has appointed Todd Wilcox as its Deputy Chairperson and Chief Executive Officer (CEO), succeeding Jacques-Emmanuel Blanchet.
Wilcox's appointment was made with effect from 1 July, following the receipt of the required regulatory (...)
The National Bank of Egypt (NBE) has attracted 2 million users to its Meeza e-payment services, the first bank in the Egyptian market to hit this record.
NBE Chairperson Hisham Okasha said there is a high demand for Meeza cards inside Egypt with (...)
The Central Bank of Egypt (CBE) has revealed that its net foreign exchange (FX) reserves increased to $38.201bn in June, compared to $36.004bn in May, a growth of about $2.2bn.
The CBE's net FX reserves recorded unprecedented level during 2019, as (...)
The Commercial International Bank – Egypt (CIB) has reserved a full floor at a major hotel in Cairo as a quarantine bay for its employees if needed.
The floor reservation, which has a capacity of 30 rooms, comes as part of CIB's concern for the (...)
The Central Bank of Egypt (CBE) has announced that the volume of local currency deposits at banks operating in Egypt increased by about $62bn to about EGP 3.192trn in May, compared to about EGP 3.13trn in April.
A recent CBE report noted that demand (...)
Banks operating in the Egyptian market started using the International Bank Account Number (IBAN) standard last week, to facilitate the communication and processing of cross-border transactions.
An IBAN is an internationally agreed upon system of (...)
The Suez Canal Bank (SCB) is preparing to launch its first cash investment fund with a target size of EGP 250m, according Hussein Refaey, Chairperson and Managing Director at the bank.
The new fund comes as part of the bank's strategy to diversify (...)
The Ministry of Finance will, on Sunday, start implementing a plan aimed at offering treasury bills (T-bills) and bonds worth EGP 185bn during July.
Figures obtained by Daily News Egypt last week revealed the government's intention to borrow EGP (...)
The Central Bank of Egypt (CBE) has made amendments to its initiative providing support to tourism sector workers, which was issued in cooperation with the Ministry of Finance.
The amendments cover several articles under the initiative. This (...)
The Arab Monetary Fund (AMF) is preparing to launch an international immediate payment service, as part of its cooperation with central and commercial banks around the world.
The new service is the latest part of its "Beni" platform for Arab (...)
The Central Bank of Egypt (CBE) said that the nonperforming loan (NPL) ratio declined to 4.1% in the Egyptian banking sector in March 2020, compared to 4.2% in December 2019.
In its quarterly report on the financial soundness indicators of the (...)
The Central Bank of Egypt will provide the Credit Guarantee Company (CGC) with EGP 7bn worth guarantee for corporate financing. In exchange, CGC will issue guarantees to banks offering funding for major corporates to cover part of the associated (...)
The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) hold its fifth periodic meeting of 2020, on Thursday, to review its interest rates.
The CBE interest rate is the most important indicator of the direction local market interest rates (...)
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has provided jobs and other services to a group of young Egyptians recently returned from the Libyan city of Tarhuna.
The agency met with the group in the Beni Suef Governorate, (...)
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has provided over EGP 2.3bn in funding to infrastructure and community development projects, According to Nevine Gamea, Minister of Trade and Industry and Executive Director of (...)
A Central Agency for Public Mobilization and Statistics (CAPMAS) study has found that 73.5% of families have seen a decrease in income due to the novel coronavirus (COVID-19) pandemic.
The CAPMAS study monitored the changes brought on by the (...)
