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Banks pose new restrictions to confront saving certificates leveraging scheme

A number of banks in Egypt have developed new restrictions for granting loans guaranteed by deposits, both short-term deposits and saving certificates. This aims to put an end to the phenomenon—also known as leveraging—that swept through banks in the past few days. Over the week, banks have noticed an increase in appetite from customers to …

Hossam Mounir

Minimal trading among banks on first day of inter bank mechanism

The trading of US dollar among banks on the first day of implementing the inter bank mechanism witnessed limited transactions on Sunday. The highest price of the US currency registered EGP 16.55. This is the first time banks are allowed to implement the decision of setting the exchange rate, after the Central Bank of Egypt …

Mohamed Ayyad

Central Bank of Egypt

33 banks offer investments worth EGP 278.85bn in CBE’s deposit operation

Thirty-three banks operating in the domestic market offered investments worth EGP 278.85bn of surplus liquidity in local currency via deposit operations, which was deposited by the Central Bank of Egypt (CBE) on Tuesday, according to data obtained by Daily News Egypt. The CBE performs this deposit operation every Tuesday, in order to absorb excess liquidity …

Hossam Mounir

Banks should hold strong partnerships with IT sector: El-Attar

The digital age we are living in depends on constant communication, a constant flow of data, customers’ high expectations and the ability to meet these expectations, said the director of the information technology infrastructure sector at the Ministry of Communication and Information Technology Khaled El-Attar. El-Attar pointed out that companies and institutions working in the banking sector should seek to form partnerships with …

Daily News Egypt

US dollar shortage negatively affects banks financing import operations, lending to projects with a foreign component

The US dollar shortage has negatively affected banks’ activities that are related to financing imports and lending to projects that include a foreign component, according to Amr Tantawy, managing director of Misr Iran Development Bank (MIDB) and board member of the Federation of Egyptian Banks’ (FEB) board of directors. Tantawy told Daily News Egypt that banks’ activities are divided between local and foreign trading …

Hossam Mounir

NBE aims to increase SMEs loan portfolio to 70bn in 4 years

The National Bank of Egypt (NBE) aims to increase the size of loans granted to small- and medium–sized enterprises to EGP 70bn over four years, according to the bank’s CEO Hazem Hegazy. Hegazy said that NBE began funding SMEs in 2010, noting that the current size of loans granted to these projects amounts to EGP …

Hossam Mounir

CBE vows to ‘punish’ banks lagging behind in SME support

The Central Bank of Egypt (CBE) vowed to punish banks that lagged behind on the implementation of the initiative launched earlier this year to support the financing of small- and medium-sized enterprises (SMEs). The CBE had earlier committed banks to grant no less than 20% of total loans to SMEs over four years. CBE sub-governor …

Hossam Mounir

The banks and the sinking boats

Who among us did not suffer when hearing the news of the over 200 souls who drowned in the sinking of an illegal migrant boat off Egypt’s coast? Most of them were young men who were desperate to realise the dream of becoming rich in Europe. In the end, they did not come to realise …

Hany Aboul Fotouh

A new start needed for Italy’s banks?

The Italian finance professor Claudio Zara calls for flexibility in eurozone rules covering government-financed bailouts in cases where banks’ bad-debt burdens were largely caused by economic downturns – as in Italy.

Deutsche Welle