Banking – Daily News Egypt https://dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Sun, 19 May 2019 07:00:02 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Suez Canal Bank aims to focus on investment banking services, non-bank financial services https://dailynewsegypt.com/2019/05/18/suez-canal-bank-aims-to-focus-on-investment-banking-services-non-bank-financial-services/ Sat, 18 May 2019 21:43:51 +0000 https://www.dailynewsegypt.com/?p=698380 Bank achieved 12% increase in net profit in Q1 of 2019, rise in financial position to EGP 49.3bn: Refaey

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Chairperson and Managing Director of Suez Canal Bank, Hussein Refaey, said that the bank’s strategy in the coming years aims to launch the bank into a new phase by focusing on expanding investment banking services and non-bank financial services.

The bank also aims to support the small and medium sized enterprises (SMEs) sector, expand retail banking to enhance the concept of financial inclusion, and continue to focus on supporting and financing large companies.

Refaey revealed that the bank achieved a net profit of EGP 129m during the first quarter (Q1) of this year against EGP 115m in Q1 of 2018–an increase of 12%.

Furthermore, he pointed out that this increase in profits was supported by a net profit increase of 40% and net income from fees and commissions by 36%.

The bank has increased the loan portfolio and customer facilities by 5% to EGP 14.2bn in March 2019 compared to EGP 13.5bn in December 2018. Customer deposits recorded EGP 38.5bn in March 2019, he added.

Meanwhile, Refaey pointed out that the Suez Canal Bank announced the official launch of the smart wallet services (SCB E-WALLET), which provides a variety of mobile and innovative payment services and solutions, in line with the state’s trend toward the provision of financial services and electronic payment to all segments of society, and is continuing to support the efforts of the Central Bank of Egypt in achieving financial inclusion.

Moreover Refaey highlighted that the bank opened three new branches this year, bringing the number of branches to 44, including two branches during Q1.

He stressed the bank’s continued expansion strategy through the opening of other branches, the development of existing branches, the increase of ATM machines, and the development of its potential, in order to achieve optimum geographical spread at the level of different cities and governorates.

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Banking draft law to be sent to parliament for approval before end-May: source https://dailynewsegypt.com/2019/05/18/banking-draft-law-to-be-sent-to-parliament-for-approval-before-end-may-source/ Sat, 18 May 2019 17:49:16 +0000 https://www.dailynewsegypt.com/?p=698316 It stipulates establishment of committee chaired by prime minister to maintain stability of state's financial system

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An official source from the Central Bank of Egypt (CBE) said on Saturday that the CBE and banking system draft law, known as banking law, will be send to the House of Representatives for approval before the end of May.

The source explained, in a statement to the Middle East News Agency, that this step will come after the cabinet completes its review and approve the bill.

He added that the new draft law, which consists of 240 articles, takes into account all the comments of banks, ministries, and other entities.

The cabinet’s economic committee reviewed the final version of the new draft law last week, in the presence of the CBE Governor Tarek Amer and the ministers of investment, immigration, manpower, planning, tourism, finance, trade, industry, and the public enterprise sector.

Amer said earlier that the new banking draft law comes within the framework of the country’s legislative reforms aimed at keeping abreast of rapid global developments in banking, payment systems, and financial technology.

According to the source, the new law would establish a committee for financial stability of the state, headed by the prime minister. This committee aims to maintain the stability of the Egyptian financial system and coordinate efforts to avoid and manage any financial crises in case they occur.

The source said the new committee would include the governor of the CBE, the finance minister, and the chairperson of the Financial Regulatory Authority.

He added that the new law obliges the government to reorganise the coordinating council to set up a coordination mechanism between the monetary policy of the CBE and the government’s fiscal policy. The council will include representatives from the government, the CBE, and a number of experienced experts.

The new draft law regulates the cooperation between the CBE and foreign counterparts in order to coordinate and exchange information in accordance with the principle of joint control. This includes the signing of memorandums of understanding (MoU) and participation in supervisory groups, or groups to resolve the situation of troubled banks.

The source revealed that the new draft law obliges the CBE to increase its capital to EGP 20bn.

Furthermore, the source said that the current law had set a minimum capital of the CBE at EGP 4bn and authorised the board of directors of the bank, in coordination with the ministry of finance, an increase, where the capital of the bank during the past years is to be EGP 16bn.

This comes at a time when the financial statements of the CBE revealed that the bank’s capital increased to EGP 21.6bn by the end of June 2018. The capital was increased by EGP 6bn during the fiscal year 2017/18 with the cooperation of the ministry of finance, and funded by the state treasury.

The source added that the draft law defined the CBE as a supervisory body with a future of a general legal entity, subsequent to the President of the republic, and enjoys technical, financial, and administrative independence. It also set its objectives in accordance with the provisions of the constitution in ensuring the safety of the monetary and banking system and the independence of prices.

He explained that the draft law re-examined the mechanism of appointing the CBE governor to comply with the provisions of the Constitution, where he will be appointed by the president for a period of four years and can be renewed for one more term after the approval of the majority of the members of the House of Representatives.

The draft law specifies the selection criteria of the CBE governor as well as his deputies and members of the board of directors. It also specified the authorities of the CBE governor, his deputies, and members of the board of directors. The majority of the board members are non-executive.

According to the source, the draft law aims to support the CBE to ensure the achievement of its objectives and protect competition and the rights of consumers.

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US dollar continues decline below EGP 17 for first time in two years: CBE https://dailynewsegypt.com/2019/05/16/us-dollar-continues-decline-below-egp-17-for-first-time-in-two-years-cbe/ Thu, 16 May 2019 18:11:52 +0000 https://www.dailynewsegypt.com/?p=698270 The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE

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The Central Bank of Egypt (CBE) said the US dollar continued its decline against the local currency in banks on Thursday, recording EGP 16.97 for buying and EGP 17.1 for sale, marking the lowest exchange rate since March 2017.

The CBE said in a statement the US dollar has lost EGP 0.90 of its value since the beginning of 2019, supported by foreign exchange flows from multiple sources.

The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE.

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US dollar hits EGP 16.99 mark for first time since March 2017 https://dailynewsegypt.com/2019/05/15/us-dollar-hits-egp-16-99-mark-for-first-time-since-march-2017/ Wed, 15 May 2019 18:20:43 +0000 https://www.dailynewsegypt.com/?p=698243 The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.

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The Commercial International Bank (CIB) decreased the US dollar price to EGP 16.99 for buying and EGP 17.09 for selling, the first time the US dollar value go down EGP 17 level in banks since March 2017.


The Bank of Alexandria recorded EGP 17 to buy and EGP 17.1 to sell, while in the National Bank of Egypt, Banque Misr, QNB Al Ahli, and Audi bank the US dollar recorded EGP 17.01 to buy and EGP 17.11 to sell.

The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.


The average price of US dollar in banking transactions with its customers on Tuesday was EGP 17.02 for purchase and EGP 17,12 for sale.

The US currency value decline was due to the strong flows of foreign currency in the Egyptian market during the last period, as bank officials explained.

An official from the Central Bank of Egypt estimated the amount of foreign exchange received by banks since the beginning of the year at $24.7bn. 

Chairperson of Banque Misr, Mohamed El-Etreby, said on Tuesday that his bank alone received some $5.3bn since the beginning of 2019.

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IDB buys land plot in New Administrative Capital for its new headquarters https://dailynewsegypt.com/2019/05/14/idb-buys-land-plot-in-new-administrative-capital-for-its-new-headquarters/ Tue, 14 May 2019 19:10:58 +0000 https://www.dailynewsegypt.com/?p=698137 Bank recently opened 11 branches across Egypt

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The Industrial Development Bank (IDB) purchased a land plot of 5,350 sqm in the New Administrative Capital to establish the bank’s new headquarters, Maged Fahmy, chairperson of the IDB, said.

The bank has contracted with the Armed Forces Engineering Authority for the construction of this headquarters, in addition to the completion of the construction of the bank’s branch in the Fifth Settlement, after six years of neglect.

He added that the bank recently opened 11 branches as part of its three-year expansion plan across the country.

Furthermore, Fahmy explained that four branches have been completed and four more are pending construction in Sadat City, Borg El Arab, Minya, and Ismailia. The bank will also develop four branches in Qena, Fayoum, Tanta, and Port Said before the end of 2019.

On Monday, Fahmy opened the bank’s latest branch in Obour City. The IDB will complete the existing branch development and open new ones to be eligible in the modern format of the bank as part of its expansion plan.

Another bank branch will be opened in Makram Ebeid in Nasr City as well as a branch of Nobar Pasha street downtown in May.

Fahmy explained that the opening of these branches comes within the framework of a new business plan to strongly compete in the banking market, through the expansion of its branch network to reach 50 branches by 2023.

He added that the IDB aims to deliver its services to more citizens, in addition to industrial zones across Egypt in order to contribute to the initiative launched by President Abdel Fattah Al Sisi to support small and medium-sized enterprises (SMEs).

Moreover the bank plans to establish the first branch of electronic banking services using the latest banking technologies, through the plan set by the bank’s management, which ultimately serves the national economy by supporting the Egyptian industry, through financing SMEs in order to effectively contribute toward solving the problem of unemployment, raising the volume of Egyptian exports, and thus providing hard currency, explained Fahmy.

Hamdy Azzam, deputy chairperson of the board of directors of the bank, said that the ratio of loans reached 40% of the total credit portfolio.

Azzam elaborated that the bank is focusing on financing development projects, after the introduction of the term’s retail banking for development, noting that the bank was able to seize fifth rank in the last three years in financing SMEs and mortgages.

The proportion of financing of SMEs at the bank reached about 33% of total loans, which is higher than the percentage determined by the Central Bank of Egypt (CBE?) of 20%, he pointed out.

Over and above, Azzam highlighted that the IDB financed the Rubiky Leather City project. The bank proved its worth in the furniture city of Damietta, although it was the last bank to finance it, but it was more active than the first three banks.

He added that the IDB has signed protocols with the Industrial Development Authority and a number of industrial complexes in the governorates of Daqahleya and Alexandria, as well as the allocation of a developmental portfolio of real estate mortgage finance, and the delivery of gas to low-income villages, including 150,000 units in Fayoum villages. The value of this portfolio reached EGP 1.4bn.

Over the last few years, the IDB has succeeded in achieving a qualitative leap in its indicators and jumping at an unprecedented rate of growth on all indicators through the bank’s comprehensive plan for all sectors set by the its current management headed by Fahmy.

According to the bank’s performance indicators, the IDB’s budget has jumped from EGP 4.5bn in 2015 to EGP 24.5bn in 2018, while deposits hiked from EGP 2.1bn to EGP 19bn, and credit rose from EGP 3.5bn to EGP 10.5bn.

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Pound appreciated 84 piasters since beginning of 2019: CBE https://dailynewsegypt.com/2019/05/14/pound-appreciated-84-piasters-since-beginning-of-2019-cbe/ Tue, 14 May 2019 17:50:55 +0000 https://www.dailynewsegypt.com/?p=698116 US currency is approaching EGP 17 against pound, as foreign exchange flows increase in Egypt

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The Central Bank of Egypt (CBE) said that the dollar has fallen against the Egyptian pound by 84 piasters since the beginning of 2019.

The CBE explained that this decline in the United States currency was supported by the increase in foreign exchange flows in the Egyptian market from multiple sources.

On Monday, the exchange rate of the dollar depreciated by 5 piasters and, on Tuesday, settled at EGP 17.0114 to buy and EGP 17.139 to sell.

The average dollar price on Tuesday was EGP 17.0306 to buy and EGP 17.1306 to sell.

The US currency neared EGP 17 down, as bank officials stressed the presence of strong flows of foreign currency in the Egyptian market during the last period.

The CBE official estimated the amount of foreign exchange received by banks since the beginning of the year at $24.7bn.

Chairperson of Banque Misr, Mohamed El-Etreby, said on Tuesday that his bank alone received some $5.3bn since the beginning of 2019.

SHUAA Securities Egypt has issued a report confirming that the exchange rate of the pound is one of the current most uncertain variables.

The report pointed to the multiplicity and complexity of factors associated with the exchange rate, including long-term structural factors, and other issues which are often subject to the policies of the CBE and the monetary policy committee.

It added that it was not long before the pound was floated in November 2016, allowing for a long-term study, providing sufficient historical data or making the currency pattern predictable, confirming that the attempt to predict the behaviour of the Egyptian pound is similar to predicting the future or gambling.

According to its analysis, the exchange rate of the pound is slightly below its real value, but close to the fair value of the exchange rate against foreign currencies.

In the long-term, structural economic factors, including the chronic trade deficit, current account dynamics, the completion of the monetary easing cycle, and possibly increasingly severe global conditions in the future will all place pressure upon the pound.

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Attijariwafa Bank launches Africa Development Club in Egypt https://dailynewsegypt.com/2019/05/13/attijariwafa-bank-launches-africa-development-club-in-egypt/ Mon, 13 May 2019 18:30:58 +0000 https://www.dailynewsegypt.com/?p=697981 Egypt is first destination for foreign investment in Africa, says El Kettani

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Attijariwafa Bank Egypt launched on Sunday the Africa Development Club in Egypt. The launch of the club comes as part of the efforts of Attijariwafa Bank Group to promote regional and continental cooperation between African countries, Mohamed El Kettani, CEO of the Attijariwafa Bank Group, said.

He stressed that Egypt is the first destination for foreign investments in Africa, pointing out that the presence in Egypt is the most important investment of the group in Africa due to its distinguished geographic position, and its economic reform programme implemented in Egypt since 2016, which significantly reflected on its economic performance.

Furthermore, the CEO highlighted that the Africa Development Club in Egypt is the only hub and platform linking Egypt and African countries, an opportunity to realise the aspirations of the African business market, and provide a chance for young entrepreneurs from Egypt to share and exchange experiences and discover new partners.

In March 2019, Attijariwafa Bank Group held the sixth session of the International African Forum in Casablanca, under the title “Africa and Development.”

More than 2,000 participants participated in the forum, in addition to eight government representatives from over 30 countries.

Attijariwafa Bank started operation in Egypt on 3 May 2017 having acquired Barclays Egypt.

In addition, Attijariwafa Bank has established the Africa Development Club in 2008 with the aim of broadening and supporting the group’s endeavours to promote regional cooperation and south-south co-operation.

The club offers an opportunity to connect companies wishing to expand their business interests in the continent by taking advantage of business and investment opportunities in this part of the world. Furthermore, the club also provides access to training, information services, and expert advice to help entrepreneurs implement their projects with the assistance of governments in their key infrastructure and to promote south-south and north-south co-operation.

Since the establishment of the club–which currently includes more than 3,000 members–it has organised with Attijariwafa Bank 15 missions, which mobilised more than 2,000 business leaders from Africa.

According to the Managing Director of Attijariwafa Bank Egypt, Hala Sakr, the bank aims to bring closer its clients in Egypt and customers in other countries that exist in the African continent, as the bank strongly exists in these countries, especially since it coincides with Egypt’s rotating presidency of the African Union and the Central Bank of Egypt’s chair of the Association of African Central Banks.

Sakr stressed that the linkage between investors in Egypt and Africa comes in line with the Egyptian state’s tendency to expand investment in the African continent, and it is part of the business strategy of the bank.

She explained that the bank conducted about 600 meetings between Egyptian clients and officials in African countries during a conference held in Morocco in March.

Moreover, she noted that the club serves as a key catalyst for sustainable development and economic development in African markets.

For her part, Director of the Africa Development Club in Egypt, Mona El Kadry, explained that the club aims to promote trade in Africa and cooperation among African countries.

She added that the club is aware of the developmental challenges faced by the African continent in terms of economic and social aspects, and it depends on the principle of unity, as well as adopts a humanitarian vision of economic development.

El-Kadry pointed out that the launch of the Africa and Development Club in Egypt will help serve the economic actors in order to participate in the development of the continent.

She noted that the branch in Egypt is the tenth to be launched, in addition to its branches in Côte d’Ivoire, Senegal, Mali, Mauritania, Tunisia, Cameroon, Gabon, Congo, and Morocco, thus providing investment opportunities for Egyptian companies to learn about the potentials in other African markets.

For his part, head of corporate and financial sector at Attijariwafa Bank Egypt, Tamer Ragheb, said that the bank has carried out commercial operations worth $1.7bn in 2018, up by 30% from 2017.

He added that the bank aims to increase these funds by 50% by end-2019, in line with the country’s tendency to increase exports-particularly to African markets-reinforced by the strong presence of the group in Africa.

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NBE aims to attract more UAE investors to Egyptian market https://dailynewsegypt.com/2019/05/12/nbe-aims-to-attract-more-uae-investors-to-egyptian-market/ Sun, 12 May 2019 19:44:53 +0000 https://www.dailynewsegypt.com/?p=697863 Bank successfully concluded several transactions with numerous UAE investors for investments in financial markets, debt instruments issued by Egyptian government: Tantawy

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Jamal Saif Al Jarwan, secretary-general of the UAE International Investors Council, met in Dubai with Hussein Tantawy, CEO of the National Bank of Egypt (NBE) in the Dubai International Financial Center (DIFC) as well as with Tareq El Ghazaly, regional general manager of the NBE in the UAE.

The meeting discussed prospects for joint cooperation between the UAE International Investors Council and the NBE. This is to pave the way for UAE private sector companies and businessmen to invest in various promising investment fields in all of Egypt’s governorates and to attract more investments from companies and investors wishing to enter the Egyptian market or to expand their investments. This targets increasing the proportion and value of investments in Egypt.

Al Jarwan stressed that the council pays attention and is keen to continue cooperating with the Egyptian government, especially in light of Egypt’s remarkable success in implementing the economic reform programme, and the constant readiness of UAE investors to develop these relations.

The volume of UAE investments in Egypt reached about ED 27bn ($7,35bn), he pointed out.

According to Al Jarwan, cooperation with the NBE will positively contribute to the achievement of the mission and objectives of the Emirate council. This is especially in terms of exploring the promising investment opportunities in Egypt and building a database periodically upon these opportunities in order to allow them to be presented to UAE investors, thus fulfilling the objectives of UAE investors regarding their investments in Egypt, and to overcome any obstacles facing these investments.

He added: “We are always keen to coordinate and extend bridges of cooperation with everyone, whether governmental or semi-governmental institutions or private sector companies and others, internally and externally.”

Furthermore, Al Jarwan commended the role played by the NBE in the DIFC, concerning cooperating with the bank’s regional representation office in the UAE, which provides unique services that positively contribute to enhancing investment cooperation between Egypt and the UAE.

Coordination is underway between the Emirate council and the NBE to finalise the joint cooperation agreement between the bank and the council which will be announced soon, he pointed out.

For his part, Tantawy, expressed his pride in the bank’s cooperation with the council and through sponsoring investment opportunities in Egypt for UAE investment entities, businessmen, and investors.

He added that the NBE is also providing proper investment advice and solutions for the establishment of distinguished projects in Egypt, especially since the Egyptian government attaches great importance to that stage, which will certainly positively affect the returns achieved.

Tantawy stressed that this cooperation will strengthen and open new horizons for the NBE in the DIFC to attract more UAE investors to Egypt in order to participate and benefit from promising and feasible investment opportunities and to continue to offer innovative investment solutions to both partners and customers. This aims to boost investment in Egypt, increase the rates of direct investment, and positively reflects on the national economy.

Furthermore, Tantawy added that the NBE in the DIFC was established in 2011 as a wholly owned subsidiary of the NBE, licensed by the Dubai Financial Services Authority, to serve as the bank’s investment promoters in the Gulf region, provide advisory and financial services to investors, offer effective investment solutions, and direct access to unique investment opportunities in Egypt.

The NBE in the DIFC has succeeded in concluding several investment deals with a number of UAE investors, allowing investments into the financial markets of Egypt, the UAE, and other countries, as well as investing in debt instruments issued by the Egyptian government, in return for periodic and capital gains for investors beyond expectations, he pointed out.

This has contributed to the confidence of investors and their keenness to continue cooperating with the NBE-DIFC, especially after extending its role to providing support, advice, and advanced investment necessary solutions for UAE investors, in order to maximise the return on their investments in Egypt, stated the CEO of the NBE.

One of the most successful deals was the one concluded between the NBE-DIFC and the Amlak Emirates Company to develop the 42,000 sqm of land owned by the company in Nasr City.

He pointed out that cooperation with a senior developer in Egypt has been undertaken to establish a residential, administrative, and commercial project, and to provide investment solutions which will ensure that the project achieves returns of up to EGP 10bn during the period of revenue collection, as well as the success in starting to take serious executive steps to establish an investment fund for health care in Egypt worth $100m with the participation of the NBE and the MBF Emirati group.

For his part, El Ghazaly, said that cooperation with the Emirate council is one important milestone in supporting joint relations between the bank and major investment entities in the UAE, businessmen, and investors, as well as the opening of new fruitful horizons for investment cooperation with the UAE side.

This is expected to be attract more investors to Egypt, and finding the appropriate mechanism through the council in order to offer distinguished investment opportunities to the elite of UAE investors to establish viable investment projects in Egypt. The NBE is the strongest, most successful, and oldest bank in Egypt.

He pointed out that the bank’s assets are more than EGP 1.6tn and provides many advanced banking and financing services, in accordance with the latest international methods, which significantly contributes toward the provision of an attractive financial and banking environment for investors to implement joint investment projects in Egypt.

Moreover, El Ghazaly highlighted that the bank has been in the UAE since 2006 in the form of a regional representation office, with a license from the Central Bank of the UAE.

The office has been working since its inception to support Egyptian-Emirati relations in the field of investment and banking operations, in addition to the other regular work carried out by the office to serve the Egyptian community in the UAE, in coordination with the bank’s branches and units in Egypt, he explained.

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Suez Canal Bank opens 44th branch https://dailynewsegypt.com/2019/05/12/suez-canal-bank-opens-44th-branch/ Sun, 12 May 2019 09:00:12 +0000 https://www.dailynewsegypt.com/?p=697743 Chairperson inaugurates new branch in Beni Suef

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The Suez Canal Bank raised the number of its branches to 44 after opening its latest unit in Beni Suef.

The bank’s chairperson, Hussein Refaey, inaugurated the latest branch last week in Beni Suef, in the presence of Hany Abdel Gaber, governor of Beni Suef, senior bank officials, and several governorate leaders.

Refaey said that the opening of the new branch is a step toward achieving the bank’s expansion strategy, noting that with the opening of this branch, the bank’s branches reached 44 branches throughout Egypt.

The location of the new branch is considered an important site, especially as it serves more than one industrial area in the province, which supports the bank’s plan to cater to small and medium-sized enterprises (SMEs), said the Suez Canal Bank’s chairperson.

Furthermore, he added that the Suez Canal Bank is always seeking to provide its branches with the latest advanced technologies, especially ATM machines, in order to meet the requirements of customers and to attract their confidence through the development of all banking services in the bank’s branches.

The bank is also interested in expanding in the Delta, Upper Egypt, and Sinai so as to serve the largest number of clients in the country, as part of the special measures to promote the financial inclusion initiative sponsored by the Central Bank of Egypt, Refaey pointed out.

Moreover, he stressed that the new branch is the culmination of the bank’s efforts to expand its network of branches, in addition to expanding support for retail banking and SMEs in the coming years, in order to support the national economy.

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EALB launches new retail banking package for first time in its history https://dailynewsegypt.com/2019/05/12/ealb-launches-new-retail-banking-package-for-first-time-in-its-history/ Sun, 12 May 2019 08:30:32 +0000 https://www.dailynewsegypt.com/?p=697746 Bank turned into real estate investment, commercial bank within short period of time: Kamal

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The Egyptian Arab Land Bank (EALB) has launched a wide range of retail banking services for the first time in its history, fulfilling the promises and covenants made by the board of directors since taking over the bank’s responsibility for the development, structuring, administering, and managing the EALB from a specialised real estate bank into an investment commercial real estate bank.

The package consists of personal loans to employees (easy cash, ICash, and I-Bankers), women’s loans (DIVA), educational loans (Madrasty), and club loans (Nadeek), as well as credit cards.

The EALB has also activated the products of progressive yield, mortgage finance, small and microenterprise loans, and expanded financing for large enterprises and companies.

The campaign has been launched under the slogan “AhlamKater-Eid Sandah Eid,” starting from the month of Ramadan and will extend up to the summer period. The campaign includes advertisements for roads, television, social networking sites, and YouTube, the establishment of a website, a page on Facebook and Instagram, and proliferating in marketing sites such as malls, clubs, and tourist villages in the northern coast.

Chairperson of the board of directors of EALB, Amr Kamal, said that the bank is moving steadily toward the implementation of the reform and development plans set by its current board strategy and helped by his colleagues.

Kamal expressed his pride and satisfaction with the bank’s success in issuing for the first time a completely new retail banking product portfolio, including diversified personal loans and credit cards. The bank has been transformed into a commercial real estate investment bank in a short period of time.

He added that this comes as a result of the board’s objectives of transforming the bank toward profitability by reaching novel and diverse segments of new customers and providing excellent banking services to them as well as to existing customers, which reflects positively on the bank’s results.

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National Bank of Greece-Egypt leaves market after 100 years https://dailynewsegypt.com/2019/05/12/national-bank-of-greece-egypt-leaves-market-after-100-years/ Sun, 12 May 2019 08:00:17 +0000 https://www.dailynewsegypt.com/?p=697740 Assets sold to Bank Audi worth €110m including loans, deposits, securities,17 branches with 250 employees

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Bank Audi Egypt announced the success of the acquisition negotiations of the banking operations portfolio and the branches of the National Bank of Greece (NBG) in Egypt, noting that the completion of the transaction depends on obtaining the final approval from the Central Bank of Egypt (CBE).

On 2 May 2019, the NBG concluded an agreement to transfer the banking operations portfolio for its services to individuals and companies in Egypt to Bank Audi.

The NBG is the latest bank to announce its exit from the Egyptian market after nearly 100 years of its presence.

Furthermore, the NBG Group announced several days ago that the bank’s assets in the Egyptian market were sold to Bank Audi for €110m including loans, deposits and securities, as well as 17 branches and 250 employees.

According to the group, the deal comes in the context of the restructuring plan being carried out by the parent group in Greece, in agreement with the European Commission.

At the end of last week, the NBG-Egypt said that all bank accounts and contracts would be automatically transferred to Bank Audi after the completion of the sale, stressing that customers are not required to take any action regarding the deal.

In a statement issued on its website, the bank clarified that on 2 May 2019, an agreement was signed to transfer its banking services for individuals and companies in Egypt to Bank Audi on the date of the validity of the transfer, in accordance with the terms and conditions of such contracts and the terms and conditions of opening such accounts.

It pointed out that the completion of the transfer is conditional upon obtaining regulatory approvals, including the approval of the CBE.

According to the bank, customers are not required to do anything as part of the transfer, and on the date of transfer, their account(s) and agreements will automatically be transferred to Bank Audi, according to the terms and conditions of those agreements and/or applicability of those accounts.

It added that more information on the transfer process will be made available as soon as possible on the bank’s website in Egypt: www.nbg.com.eg/en.

The NBG-Egypt was established at the beginning of the last century as the first Greek banking investment in Egypt to serve the Greek community at the time, while working to consolidate the bonds of joint cooperation between Egypt and Greece and to strengthening the civilizational ties and boost economic relations between the two countries.

With its expansion in Egypt through its three branches in Cairo, Alexandria, and Zagazig, the bank took its first expansionary steps in 1933 by acquiring the Anatoli Bank, which has been operating in Egypt since 1904 through seven branches across the country.

As the number of branches increased, the merger in 1953 with the Bank of Athens–the oldest Greek bank in Egypt, which has been operating since 1896–it reached 10 branches located in Cairo, Alexandria, and Port Said.

However, in view of the changes which took place in the social, economic, and investment climate in Egypt during the 60s in the last century, specifically in 1961, the bank stopped its activity similar to all foreign banks operating in Egypt at the time, and reopened a representative office in Cairo in 1975.

By 1979, the bank had reopened its first branch to become the first Greek investment in Egypt, in line with the opening of the policy of economic openness and the start of the influx of foreign investments into the country.

The NBG has long been the main and probably the only banking channel between Egypt and Greece. The bank has since taken the initiative to expand horizontally and vertically within Egypt, and to contribute toward the advancement of economic development in general, and to support and develop the banking sector in order to directly and indirectly serve citizens.

The bank’s management attaches great importance to the integration process between the investment entities of south eastern Europe and the eastern Mediterranean countries, bearing in mind the importance of consolidating the bonds of fruitful and constructive cooperation and the cooperation between the peoples of the region as a whole, and especially between the Egyptian and Greek peoples.

In light of the great openness witnessed by the Egyptian economy in the past few years and the remarkable investment recovery witnessed by the country, and within the framework of the state’s supportive directions for the development of the banking sector as a fundamental pillar of economic development and stability, the decision of the NBG is to increase its investments and develop its activities through a long-term expansion plan to support the bank’s position in the domestic market. Consequently, the bank increased its capital more than once within the NBG strategic plan aimed to support and strengthen its presence in the Egyptian market.

The bank opened several new branches during the last period, bringing the total number of branches to 17 carefully selected and equipped branches, with the latest international quality standards through the use of one of the major international institutions specialised in this field.

The bank has also launched a wide range of advanced banking products and services, all of which aim to meet the diverse needs of citizens from different categories in order to satisfy the wide range base of customers, as well as to ensure high quality standards and performance to equally benefit the prosperity and growth of all parties.

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IDB’s net profits reach EGP 136m in M4 of 2019 https://dailynewsegypt.com/2019/05/11/idbs-net-profits-reach-egp-136m-in-m4-of-2019/ Sat, 11 May 2019 18:18:20 +0000 https://www.dailynewsegypt.com/?p=697789 Bank allocates EGP 500m to develop its technological infrastructure for modern banking services

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The Industrial Development Bank (IDB) has achieved net profits of EGP 136m during the first four months of the year, compared to EGP 103m during the same period of 2018, with a 33% growth.

Maged Fahmy, the chairperson of the bank, said the IDB administration will be selling its headquarters in the Fifth Settlement and use the money to cover the bank’s accumulated losses, stressing that the bank’s leadership plans to end this issue by the end of this year.

The bank will also support its financial position and increase its activity during the coming period. He explained that this headquarters’ area exceeds the bank’s needs, especially with the bank’s intention to move to the New Administrative Capital.

Fahmy pointed out that the industry accounts for about 50% of the bank’s total loan portfolio of small, medium, and large projects. The bank aims to increase that percentage to 70-80% in the coming period, especially since this sector is of a great importance to the state.

Hamdy Azzam, vice chairperson of the bank, revealed that the bank allocated EGP 500m for developing its technological infrastructure, adding that EGP 220m have already been spent for the implementation of 64 development projects nationwide.

The bank plans to increase its branch network to 50 branches by 2023, compared to the current 18 branches, stated Fahmy.

He explained that the bank intends to expand in Cairo, and open new branches in Minya, Alexandria, Ismailia, Suez, Beni Suef, Sadat, and Borg El-Arab cities.

According to Azzam, the bank plans to open e-branches after upgrading its technological infrastructure. Two branches are planned to be opened soon, along with the launch of new products targeting youth, in addition to mobile booths to offer e-services.

He added that the bank intends to launch a number of e-banking services during the second half of 2019, pointing out that among these services are mobile and internet banking, and further products for young people.

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CBE governor, communications minister discuss expanding banking services in villages https://dailynewsegypt.com/2019/05/11/cbe-governor-communications-minister-discuss-expanding-banking-services-in-villages/ Sat, 11 May 2019 18:15:49 +0000 https://www.dailynewsegypt.com/?p=697788 Amer witnesses signing cooperation protocol to train workers of banking sector in fields of information security, data analysis, financial technology, AI

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The Central Bank of Egypt (CBE) Governor, Tarek Amer, said he discussed with the Minister of Communications and Information Technology, Amr Talaat, possible methods to benefit from technology in providing banking services in villages and remote areas.

Amer praised the fruitful cooperation between the CBE and the ministry.

This bilateral cooperation aims to improve citizens’ lives and make financial services available to new customer segments in a way that support financial inclusion in the country, he said.

Amer and Talaat witnessed on Thursday the signing of a cooperation protocol between the Egyptian Banking Institute (EBI) and the Information Technology Institute (ITI) to train workers of the banking sector in the fields of information security, data analysis, financial technology, and artificial intelligence (AI).

Amer stressed that the EBI is seeing great development, praising the role the institute plays as the training arm of the CBE in supporting the banking sector and qualifying local, Arab, and African cadres based on the latest international systems.

The protocol was signed by Abdelaziz Nosseir, the executive director of the EBI, and Heba Saleh, the chairperson of ITI.

The protocol comes in line with the state’s strategy for digital transformation and developing human cadres who can become the main base for the cognitive economy and reinforcing the determination of both sides to maximise means of cooperation through specialised training programmes which adopt the latest technologies that would enable the CBE to achieve financial inclusion.

The protocol aims to spread awareness of the latest developments in IT, as well as to cooperate in holding and organising specialised conferences and competitions to support cognitive and innovative skill exchanges.

For his part, Talaat said that human resource development in the field of IT and localising the culture of creativity and innovation across the country are the main axes of his ministry’s strategy.

He stressed that the ministry is working to achieve financial inclusion, in cooperation with the concerned bodies in the state, according to the policies put forward by the National Payments Council through encouraging e-payments. This is along with activating the role of Egypt Post in achieving financial inclusion given its prevalence across the country in cooperation with the CBE.

Moreover, Talaat explained that the ITI plays a major role in contributing to supporting the IT industry in Egypt and meeting the needs of the local, Arab, and regional markets as well as providing qualified human cadres through providing training programmes that result in the graduation of professionals in all IT and communication fields, as well as spreading awareness of the latest global trends in these fields.

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Egypt’s external debt rises to $96.6bn by end of December: CBE https://dailynewsegypt.com/2019/05/09/egypts-external-debt-rises-to-96-6bn-by-end-of-december-cbe/ Thu, 09 May 2019 11:08:07 +0000 https://www.dailynewsegypt.com/?p=697609 Egypt’s external debt rose to $96.6bn by the end of December 2018, compared to $82.88bn by the end of December 2017, an increase of $13.7bn, according to Central Bank of Egypt (CBE) on Wednesday. The CBE added that long-term external debt recorded $86.3bn by the end of December 2018, an increase of $1.4bn from December …

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Egypt’s external debt rose to $96.6bn by the end of December 2018, compared to $82.88bn by the end of December 2017, an increase of $13.7bn, according to Central Bank of Egypt (CBE) on Wednesday.

The CBE added that long-term external debt recorded $86.3bn by the end of December 2018, an increase of $1.4bn from December 2017, indicating that the long-term debt ratio was 89.3% of Egypt’s total external debt.

Furthermore, short-term debt stood at $10.34bn by the end of December 2018, compared to $11.13bn by the end of December 2017.

The CBE pointed out that the government’s outstanding external debt rose by 24.18% to reach $48.07bn by the end of December 2018, compared to $38.7bn in December 2017, an increase of $9.4bn.

“The government’s external indebtedness is distributed over $13.97bn in bonds and $34.1bn in loans from local and international agencies,” the CBE elaborated, adding, “The outstanding external debt rose to $28.27bn by the end of December 2018, compared to $27.4bn in December 2017, of which $25.15bn is long-term external debt.”

The CBE’s debt is divided into $6.5bn in loans, $17.4bn in deposits and currencies, and 1.249bn is special drawing rights.

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Bedeir confirmed success of negotiations to acquire Egyptian banking operations, branches of the National Bank of Greece in Egypt https://dailynewsegypt.com/2019/05/07/bedeir-confirmed-success-of-negotiations-to-acquire-egyptian-banking-operations-branches-of-the-national-bank-of-greece-in-egypt/ Tue, 07 May 2019 19:08:15 +0000 https://www.dailynewsegypt.com/?p=697451 Final approval by CBE is condition for transaction success

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Acting Chief Executive Officer and Managing Director of Bank Audi SAE-Egypt, Mohamed Bedeir, said that the negotiations of the acquisition of National Bank of Greece’s operations and branches in Egypt has been successful and the completion of the transaction is subject to the final approval of the Central Bank of Egypt (CBE).

On 2 May 2019, the National Bank of Greece entered into an agreement to transfer its banking services for individuals and corporates in Egypt to Bank Audi SAE-Egypt.

Bedeir stated “We are very pleased with this transaction, which is in line with the growth plan of Bank Audi Egypt, which aims to strengthen its position in the market and includes the opening of new branches as this transaction is expected to provide Bank Audi SAE-Egypt with faster and more efficient support to achieve its objectives.”

Bedeir confirmed to customers that all their accounts and contracts will be transferred automatically to Bank Audi SAE on the date of transfer in accordance with the terms and conditions of those contracts and/or applicable to such accounts, and they will be able to enjoy all the advantages offered to customers of Bank Audi SAE-Egypt in all branches, according to the terms of the approval of the CBE.

More information and details of the transfer procedures will be made available on the website of the National Bank of Greece in Egypt (www.nbg.com.eg) and Bank Audi (www.bankaudi.com.com.eg) in due course.

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CIB profits reach EGP 2.64bn in Q1 of 2019 https://dailynewsegypt.com/2019/05/06/cib-profits-reach-egp-2-64bn-in-q1-of-2019/ Mon, 06 May 2019 14:35:45 +0000 https://www.dailynewsegypt.com/?p=697333 Total bank assets increase to EGP 351.68bn until end-March

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The Commercial International Bank (CIB) has achieved profits of EGP 2.64bn during the first quarter (Q1) of this year, compared to EGP 2.02bn during Q1 of 2018, a 30.69% increase.

In a statement sent to Egyptian Exchange (EGX) on Monday, CIB explained that the net income from the bank’s revenue increased during that period by 51.52%, reaching EGP 4.94bn, against a net profit of EGP 3.26bn during Q1 of 2018.

The bank achieved profits of EGP 9.58bn in 2018, against EGP 7.53bn in 2017.

The financial statements of the bank revealed an increase in the loans portfolio during Q1 of 2019 by 5.59%, reaching EGP 112.25bn, compared to EGP 106.31bn in Q1 of 2018.

The deposits portfolio in the CIB increased during the same period by 2.82%, reaching EGP 293.35bn, compared to EGP 285.3bn.

The bank pointed out that its total assets increased during Q1 of 2019 by 2.69%, reaching EGP 351.68bn, compared to EGP 342.46bn during the same period last year.

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IDB allocates EGP 500m to develop bank’s technological infrastructure https://dailynewsegypt.com/2019/05/05/idb-allocates-egp-500m-to-develop-banks-technological-infrastructure/ Sun, 05 May 2019 19:44:01 +0000 https://www.dailynewsegypt.com/?p=697227 We aim to increase the branches to 50 by 2023 up from 18 currently, says Fahmy

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The Industrial Development Bank (IDB) has allocated EGP 500m to develop the bank’s technological infrastructure according to Maged Fahmy, the chairperson of the bank.

He explained that EGP 220m were already spent on implementing 64 development projects.

Fahmy opened on Sunday the bank’s new branch in Hegaz street in Heliopolis in the presence of Hamdy Azzam, the vice chairperson of the bank, in addition to several bank leaders.

According to Fahmy, the bank aims to increase the number of its branches to 50 by 2023 compared to the current 18.

He explained that the bank aims to open two new branches by the end of May among nine branches planned to be opened by the end of this year, taking their total number to 27.

Furthermore, the bank aims to increase its branches in Cairo and be present in Minya, Alexandria, Ismailia, Suez, Beni Suef, Sadat City, and Borg El Arab, Fahmy elaborated.

According to Azzam, the bank will be opening e-branches after updating its infrastructure, as two branches will be opened soon. The bank will also be launching products for the youth, and these products are currently under study.

He added that the IDB aims to also launch several e-services in the second half of 2019, including internet banking.

Regarding the main headquarters of the bank in the Fifth Settlement which is currently being prepared, Fahmy said that the administration will be selling this headquarter and use the revenues to close the file of loss of the current phase, as well as support the bank’s financial position, especially with the IDB’s desire to be present in the New Administrative Capital.

Moreover, Fahmy stressed that the bank is highly interested in the sector of industry as it was mainly established for this goal, noting that the industry sector accounts for 50% of the total loan portfolio of major and small projects in the bank.

Additionally, he said that the bank aims to take that percentage to 70% or 80% over the upcoming period given the importance of the sector.

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Al-Sharqawi represents Misr Insurance Company at SAIB Bank’s board of directors https://dailynewsegypt.com/2019/05/05/al-sharqawi-represents-misr-insurance-company-at-saib-banks-board-of-directors/ Sun, 05 May 2019 09:00:17 +0000 https://www.dailynewsegypt.com/?p=697051 The Central Bank of Egypt (CBE) has approved the appointment of Ashraf Al-Sharkawi as a member of the SAIB Bank’s board of directors. The bank said in a statement to the Egyptian Exchange (EGX) on Thursday that Al-Sharqawi represents Misr Insurance Company in the bank’s board of directors. According to the bank’s statement published on …

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The Central Bank of Egypt (CBE) has approved the appointment of Ashraf Al-Sharkawi as a member of the SAIB Bank’s board of directors.

The bank said in a statement to the Egyptian Exchange (EGX) on Thursday that Al-Sharqawi represents Misr Insurance Company in the bank’s board of directors.

According to the bank’s statement published on its website, the bank’s board of directors currently includes Tarek El-Khouly as chairperson and managing director.

It also includes Mahmoud Abu El-Oyoun, Atef Sayed, Hassan Kamal Eldin, Abu Bakr El-Gendy, Ahmed Abdul Aziz, Mohamed Salah Eldin, and Farouk Baroudi as non-executive members, in addition to Shahir Nashed as an independent member.

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Hussein Elgretly appointed as non-executive member of Suez Canal Bank’s board of directors https://dailynewsegypt.com/2019/05/05/hussein-elgretly-appointed-as-non-executive-member-of-suez-canal-banks-board-of-directors/ Sun, 05 May 2019 08:30:32 +0000 https://www.dailynewsegypt.com/?p=697068 The Central Bank of Egypt (CBE) has approved the appointment of Hussein Elgretly as a non-executive member of the board of directors of the Suez Canal Bank, representing the Arab International Bank (AIB). The Suez Canal Bank’s board of directors currently includes Hussein Refaey as chairperson and managing director, and Omar Al Sagheer as vice …

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The Central Bank of Egypt (CBE) has approved the appointment of Hussein Elgretly as a non-executive member of the board of directors of the Suez Canal Bank, representing the Arab International Bank (AIB).

The Suez Canal Bank’s board of directors currently includes Hussein Refaey as chairperson and managing director, and Omar Al Sagheer as vice chairperson and managing director.

The board also includes Lieutenant General Mohab Mamish, representing the Insurance Fund for the employees of the Suez Canal Authority; Tarek Helmy; Mohamed Abdel Aal; and Elgretly as representatives for the AIB.

The board also includes Mohamed Abu Senina and Ramadan Mohamed El-Amrosy as representatives of the Libyan Foreign Bank, and Mohammed Al-Bashouti as representative of the Arab Contractors Company employees’ Insurance Fund.

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Egyptian banking sector ranks 4th in terms of assets in Arab region: UAB https://dailynewsegypt.com/2019/05/05/egyptian-banking-sector-ranks-4th-in-terms-of-assets-in-arab-region-uab/ Sun, 05 May 2019 08:00:07 +0000 https://www.dailynewsegypt.com/?p=697066 NBE ranked eighth among largest Arab banks with assets worth $75.6bn

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A report issued by the Union of Arab Banks revealed that the consolidated assets of the Arab banking sector reached $3.467tn by the end of 2018, up 3.9% from 2017.

According to the report, the assets of Arab banks constitute about 130% of the gross domestic product (GDP) of the Arab countries.

It pointed out that the combined deposits of Arab banks amounted to $2.21tn, while the volume of funds granted by them was $1.89tn.

The UAE banking sector ranked first in terms of asset size, reaching $784bn by the end of 2018, followed by the Saudi banking sector with $630bn, then Qatar’s banking sector with $390bn in assets.

The Egyptian banking sector came fourth with assets of about $303bn, followed by the Lebanese of $250bn, Kuwait’s $220bn, then Bahrain’s $193bn worth of assets.

As for the growth rate of the Arab banking sectors in 2018 compared to 2017, the Lebanese banking sector achieved the highest growth by 13.5%, followed by the Mauritanian banking sector by 13.1%, and thirdly the Egyptian banking sector by 11.7%.

Qatar National Bank was ranked among the top 10 Arab banks with assets worth $236.9bn, then the National Bank of Abu Dhabi with $202.6bn, and Emirates NBD $136.2bn.

The Commercial International Bank ranked fourth with $121bn, then Saudi Arabia’s Al Rajhi Bank with $97bn, and the National Bank of Kuwait with $90.4bn.

Abu Dhabi Commercial Bank ranked seventh with assets of $76.2bn, the National Bank of Egypt (NBE) with $75.6bn, Samba Financial Group ranked ninth with $61.3bn, and Riyad Bank in tenth place with assets worth $61.3bn.

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Foreign currency deposits up $1.3bn in 1Q 2019 to $42.81bn https://dailynewsegypt.com/2019/05/05/foreign-currency-deposits-up-1-3bn-in-1q-2019-to-42-81bn/ Sun, 05 May 2019 07:30:04 +0000 https://www.dailynewsegypt.com/?p=697064 Local currency deposits up by EGP 88.1bn to EGP 2.531tn at end of March 2019

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The Central Bank of Egypt (CBE) said that foreign currency deposits in the banks operating in the local market rose by $1.3bn in the first quarter (Q1) of 2019 to reach $42.810bn at the end of March, compared to $41.59bn at the end of December 2018.

In a recent report, the CBE stated that current deposits recorded about $8.588bn at the end of March, while non-current deposits amounted to $34.222bn.

According to the CBE, public sector deposits in foreign currencies reached about $2.335bn at the end of March, compared to $2.274bn at the end of December 2018. Private deposits stood at $11.753bn at the end of March, compared to $11.131bn at the end of December 2018.

Furthermore, household deposits rose by $618m to $28.727bn, compared to $28.109bn, accounting for 67% of foreign currency deposits.

In the same context, the CBE pointed out that deposits in local currency at banks rose by EGP 88.1bn to reach EGP 2.531tn by the end of March 2019, compared to EGP 2.443tn by the end of December 2018.

Current deposits rose to EGP 411.6bn at the end of March, compared to EGP 394.11bn at the end of December. Non-current deposits rose to EGP 2.119tn compared with EGP 2.049tn.

The CBE reported a decline in public sector deposits to EGP 56.641bn by the end of March 2019, compared to EGP 63.457bn by the end of December 2018.

In contrast, private sector deposits rose to EGP 368.319bn at the end of March, compared to EGP 364.058bn by the end of December. Private sector deposits increased significantly from EGP 2.015tn to EGP 2.106tn.

In another context, the CBE revealed that the surplus of net foreign assets in banks declined by about $445m during March 2019 to reach $13.997bn, compared to about $14.442bn by the end of February 2019.

The fall in foreign net assets surplus came in March following a recovery which continued throughout January and February, rising by $7.33bn since December 2018.

The total foreign assets in the sector recorded about $61.603bn at the end of March 2019, compared to $62.605bn at the end of February, a decline of about $1bn.

The CBE assets rose by $68.2m to $43.22bn by the end of March, while assets in the banking sector fell by $1.1bn to $18.383bn, compared to $19.452bn at the end of February 2019.

At the level of foreign currency liabilities, the CBE said it fell by about $556.04m in March to reach $47.607bn at the end of March, compared to $48.163bn at the end of February.

Commitments fell on the back of banks repaying $528.14m, reducing total liabilities to $19.058bn. Commitments with the CBE declined by $27.9m to $28.548bn.

According to the CBE, the net foreign assets deficit in banks increased to $675.391m at the end of March, compared to $134.289m in February, after falling from $6.4bn in December 2018.

The surplus of net foreign assets had recovered in January 2019, following a six-month decline from July to December 2018, coinciding with the return of foreign inflows to government debt instruments.

The net foreign assets surplus stood at $13.996bn at the end of March 2019, compared with $7.112bn at the end of December 2018, an increase of $6.8bn.

On another matter, the CBE said that M1 rose by EGP 26.5bn during Q1 of 2019, to record EGP 862.588bn at the end of March, compared to EGP 836.045bn by the end of December 2018.

The money supply, supported by the increase in cash traded outside the banking sector, rose to reach EGP 450.993bn at the end of March, compared to EGP 441.935bn at the end of December 2018. Current deposits in local currency increased from EGP 394.11bn at the end of December to EGP 411.595bn at the end of March 2019.

Domestic liquidity, which consists of money supply and quasi money, rose by EGP 95.2bn in Q1 to reach EGP 3.724tn by the end of March 2019, compared with EGP 3.629tn at the end of December 2018.

Quasi money increased from EGP 2.793tn at the end of December to EGP 2.861tn by the end of March 2019, up EGP 68.666bn.

The increase came on the back of the increase in term deposits in local currency by EGP 70.58bn in Q1 of 2019 to record EGP 2.119tn, while current and non-current deposits in foreign currencies fell by EGP 2bn to reach EGP 741.62bn by the end of March.

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Five banks start issuing prepaid cards to pay government dues electronically https://dailynewsegypt.com/2019/05/05/five-banks-start-issuing-prepaid-cards-to-pay-government-dues-electronically/ Sun, 05 May 2019 07:00:42 +0000 https://www.dailynewsegypt.com/?p=697050 NBE, Banque Misr, Banque du Caire, CIB, ABE issued these cards free of charge for six months

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The National Bank of Egypt (NBE), Banque Misr, Banque du Caire, the Commercial International Bank (CIB), and Agricultural Bank of Egypt (ABE) started issuing prepaid cards on Thursday for use in electronic collection of government dues.

The Meeza card tops these cards free of charge for six months, in conjunction with the introduction of the electronic payment system for government dues.

According to the five banks, these cards can be issued without the need to open bank accounts.

The customer will receive the card from the bank on the same day for free, and can be charged with the amount each customer needs.

A card application should be filled and attached with the customer’s national ID or passport, and subsequently the card will be issued to any citizen from the age of 16.

Furthermore, the card is issued without printing the customer’s name on it. However, if the customer wishes to print his name on the card, a request shall be submitted to the bank. Any card whose owner will not receive within three months will be terminated.

Moreover, the card can be charged by depositing money through ATMs of the issuing bank or at any branch of the issuing bank.

Fawry e-payment solutions are being negotiated with a number of government banks to enable the card to be charged through their points of sale (POS).

Alaa Farouk, CEO of retail banking at the NBE, said in a statement that the bank plans to sign a deal with Fawry to provide charged prepaid cards through POS.

Farouk confirmed that the bank has prepared to implement the electronic payment system by setting up its machines and POS. He pointed out that the bank provides the card to the customer in five minutes with a national ID at all branches of the NBE for free.

Furthermore, he highlighted that the bank has already issued about 200,000 cards and is processing more 700,000 at branches to customers, adding that they aim to reach 2m cards this year.

An official at BM said that the bank has taken all measures to participate in activating the electronic payment system by providing a large number of prepaid cards in all branches of the bank, at the level of the republic, offered free of charge to citizens for a period of six months from 1 May.

He added that the bank has been working to provide other quantities of raw cards to be used in meeting the needs of bank branches of cards.

He pointed out that the bank aims to issue 2m Meeza prepaid cards during the year, within the framework of the state’s directions to achieve financial inclusion, reduce dependence on cash circulation, and promote digital payments.

The ministry of finance has recently completed the necessary procedures for the implementation of the system of the collection of government financial dues of over EGP 500 from the beginning of May.

According to the ministry, payments under EGP 500 will be paid through traditional means, while sums over EGP 10,000 will be paid through banks.

The ministry confirmed that prepaid cards will be available for free for a period of six months, effective from 1 May through NBE, Banque Misr, Banque du Caire, ABE, and CIB.

With regard to electronic payment mechanisms and means, the use of payroll cards, bank cards, prepaid cards, credit cards, or the internet would be available.

“The establishment of financial databases for various government agencies has been completed, which enables citizens to pay directly through their bank account for public services,” according to the ministry.

It noted that it would continue to develop public finance management, with a view to improve the management of public resources, achieve quality of expenditure, as well as the deployment of electronic POS at various government agencies.

According to the ministry, 15,000 POS have already been deployed at government sites, including notary offices, traffic departments, universities, and municipalities.

It pointed out that the new electronic system will contribute – when applied – toward improving the performance of the Egyptian economy, as the reliance on modern technologies leads to increased growth rates to achieve the desired result in the coming period.

“The reliance on electronic payment for all revenues and payments of government agencies implements the decisions of the National Council of Payments for the transition toward a digital society, achieving financial inclusion, implementing the national programme of economic reform, the state’s tendencies toward a less cash-dependent society, and promoting electronic payment, “according to the finance ministry.

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Bank Audi signs final agreement for acquisition of NBG Egypt https://dailynewsegypt.com/2019/05/04/bank-audi-signs-final-agreement-for-acquisition-of-nbg-egypt/ Sat, 04 May 2019 16:57:17 +0000 https://www.dailynewsegypt.com/?p=697076 Deal depends on approval of both CBE, Banque Du Liban

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Lebanese Bank Audi has signed the final acquisition contract of the National Bank of Greece (NBG) Egypt.

The NBG said in a report released on Friday that sealing the deal currently depends on the approval of both the Central Bank of Egypt (CBE) and Banque Du Liban, the central bank of Lebanon.

The agreement will see Bank Audi acquiring the total assets of NBG Egypt, including deposits and investment portfolio, in addition to the bank’s 17 branches which have about 250 employees.

The NBG Egypt’s assets are estimated to be worth €110m.

Ernst & Young Corporate Finance is acting as exclusive financial advisor to the NBG. Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy are acting as international and local legal counsels respectively, to the NBG.

The CBE approved in July to allow the NBG to begin the exiting procedures in Egypt through receiving offers from potential buyers who would purchase its financial and in-kind assets across the country.

The NBG has a license for a foreign branch not an Egyptian joint stock company.

It started its work in Egypt over 84 years ago when it bought “Anatoly” Bank in 1933, which had been working in Egypt since 1904.

The NBG stopped its activity in Egypt in 1961, however, it returned by opening a representative office in Cairo in 1975 and by 1979, it had opened its first branch.

The group’s exiting is an attempt to reduce its presence outside Greece according to the restructuring plan agreed upon with the European Commission after Greece received aid from the EU in 2013 and 2015.

After completing the acquisition deal, all the assets of the NBG will join Bank Audi, and the NBG will cease to have any activity in Egypt.

The CBE’s law stipulates that it is necessary to approve the halting activity of any bank. Approvals can only be granted after the bank completely discharges its commitments toward depositors and creditors.

Bank Audi ranks first among Lebanese banks. It is one of the largest 20 Arab banking groups.

According to the budget of last 31st March, the total unified assets of the bank are $46.4bn and the share of shareholders in it are estimated to be $4.0bn. The number of bank employees exceeds 6,200.

Bank Audi-Egypt is a wholly owned subsidiary of Bank Audi, offering a full range of products and services covering corporate, retail, treasury, and commercial finance sectors.

Bank Audi Egypt has 46 branches with 1,454 employees until 31 March, and ranks ninth among private sector banks in Egypt in terms of assets.

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Tuesday was last day to repay first tranche of AIBank capital increase https://dailynewsegypt.com/2019/05/01/tuesday-was-last-day-to-repay-first-tranche-of-aibank-capital-increase/ Wed, 01 May 2019 14:31:11 +0000 https://www.dailynewsegypt.com/?p=696977 First tranche estimated at EGP 500m, second at EGP 300m, repaid before March 2020

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The extraordinary general meeting of the Arab Investment Bank Assembly (AIBank) headed by Minister of Planning, Hala Al-Saeed, decided on Tuesday that it is the last day to repay the first tranche to increase the bank’s capital. The tranche is worth EGP 500m.

The assembly had previously decided to increase the bank’s paid up capital by EGP 800m to take its total up to EGP 1.840bn.

The second tranche, which is worth EGP 300m, is expected to be repaid before the end of March 2020.

The two increases will be distributed to shareholders according to their shares, as the available balance for the Union of Arab Republics will be used in the first and second tranches to increase the paid up capital.

The National Investment Bank accounts for 91.42% of the shares of AIBank after the increase, with a number of 168,212,8 shares worth EGP 1,682,128m, and a nominal value of EGP 10 per share. 

The share of the Union of Arab Republics after the increase is 8.58% with 15,787,2 shares, worth EGP 157,872, with a nominal value of EGP 10 per share.

The extraordinary general assembly of the bank has approved increasing the authorised capital to EGP 2bn.

According to Omayma Farahat, the chairperson and managing director of the bank, increasing the capital base of the bank is in line with the important economic reform policies presently taken by the state to support banks’ financial positions.

She added that this increase also helps the bank to support its financial position, as well as its capital base, which would improve the bank’s competitive ability in the banking market and enable it to face market challenges, as well as international and local regulatory standards.

Moreover, Farahat pointed out that increasing the bank’s capital is also in line with the bank’s strategy which aims to expand and distribute its portfolio across several business sectors and economic activities, including retail banking, major corporates, joint loans, and SMEs, all of which would help further development and support the national economy.

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US investment fund to buy United Bank of Egypt in 3 months, CBE to maintain stake: Amer https://dailynewsegypt.com/2019/04/29/us-investment-fund-to-buy-united-bank-of-egypt-in-3-months-cbe-to-maintain-stake-amer/ Mon, 29 Apr 2019 16:54:43 +0000 https://www.dailynewsegypt.com/?p=696868 The United Bank of Egypt will be sold to a major US investment fund within three months, the Central Bank of Egypt’s (CBE) Governor Tarek Amer revealed on Monday. Amer told Daily News Egypt that the CBE will retain a stake in the bank, without revealing the size of this stake. The CBE owns 99.9% …

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The United Bank of Egypt will be sold to a major US investment fund within three months, the Central Bank of Egypt’s (CBE) Governor Tarek Amer revealed on Monday.

Amer told Daily News Egypt that the CBE will retain a stake in the bank, without revealing the size of this stake. The CBE owns 99.9% of the bank’s shares.

He added that the proposing US fund has significant banking activity, particularly with regard to SME financing, with a total capital of $104bn.

The United Bank was established in 2006. It has a capital of EGP 3.5bn and owns 54 branches across the country.

The United Bank acquired three weak entities that were not able to withstand the laws and policies of banking reform. Those three entities were: the ex-Egyptian United Bank, the ex-Islamic Bank for Development and Investment, and the ex-Nile Bank.

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Egypt’s banking customer base “weak”, it’s not good timing for cryptocurrencies: CIB https://dailynewsegypt.com/2019/04/24/egypts-banking-customer-base-weak-its-not-good-timing-for-cryptocurrencies-cib/ Wed, 24 Apr 2019 19:03:19 +0000 https://www.dailynewsegypt.com/?p=696751 Mohamed Farag, head of International Transactions and Digital Banking at the Commercial International Bank (CIB), described Egypt’s banking customer base as “weak”, with only 14 million customers. He explained that the country should have at least 60 million banking customers, and this low current figure is related to the banking service costs, especially in rural …

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Mohamed Farag, head of International Transactions and Digital Banking at the Commercial International Bank (CIB), described Egypt’s banking customer base as “weak”, with only 14 million customers.

He explained that the country should have at least 60 million banking customers, and this low current figure is related to the banking service costs, especially in rural areas.

“After Fawry Plus was in the picture, it reached areas that were difficult to reach for banks,” he added.

“Fourteen months ago we established the first venture capital affiliated to CIB, and we think it’s best to increase partnerships between entrepreneurs and financial technology companies to offer them financial services,” Farag further added.

“Entrepreneurs often have ideas, but they do not have the right framework to develop them, so they need support and guidance,” he said, adding that the bank has a vision of investment, but in two directions, either solo or in partnership with entrepreneurs.

Farag ruled out the emergence of encrypted currencies in the near future. He said the regulations are not considering that issue. The banking sector is not in a position to work in encrypted currencies at the present time, and if they arrive to Egypt, this is not the right time to work in them.

He noted the importance of creating regulatory legislation to accommodate all emerging technological solutions.

Regarding the competition between banks, he said “We are very tough at this point, but we have to compete with what we have in the market now, as we cannot just sit and deal with the situation in traditional ways, and we must bear the possibility of risks which emerge through one-in-ten e-solutions, that is why we created companies that are separate from the bank.”

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EGP 1.852tn balance of local T-Bills, T-Bonds by end-March https://dailynewsegypt.com/2019/04/24/egp-1-852tn-balance-of-local-t-bills-t-bonds-by-end-march/ Wed, 24 Apr 2019 15:21:59 +0000 https://www.dailynewsegypt.com/?p=696687 EGP 1.158tn balance of T-Bills, EGP 694.4166bn T-Bonds, international bonds by $23.21bn and $4bn: Finance Ministry

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Outstanding balances of treasury bills (T-Bills) and treasury bonds (T-Bonds) in the local currency owed by the government till the end of March 2019 amounted to EGP 1.852tn, according to the ministry of finance.

Banks working in the Egyptian market are the largest investing sectors in the T-Bills and T-Bonds regularly offered by the government in order to cover the state’s budget deficit.

These bonds and bills are launched through 15 banks taking part in the primary dealers system in the primary market. These banks resell part of them in the secondary market to individual and institutional local and foreign investors.

In a recent report, the ministry of finance explained that the total outstanding balances by the end of March 2019 reached EGP 1.158tn, including EGP 87.07bn for 910-day T-Bills, EGP 218.48bn for 182-day T-Bills, EGP 314.244bn for 273-day T-Bills, and EGP 538.255bn for 364-day T-Bills.

According to the ministry, these T-Bills and T-Bonds are due from the period of 2 April 2019 to 24 March 2020.

Regarding the local T-Bonds, the ministry explained that they amounted to EGP 694.4416bn by the end of March 2019, and were repaid during the period from 3 April 2019 to 6 November 2028.

There are also other bonds offered in global markets, worth $23.21bn.

According to the ministry, the first issuance of these bonds is in 29 April 2020, until 1 March 2049. The interest rate on them ranges between 5.75% and 8.7002%, with an average of 7.106%.

There are also other bonds worth €2bn, due on 16 April 2026 and 16 April 2030, with a yield ranging from 4.75% to 5.625%.

This April, the ministry added other international bonds worth €2bn, taking the total state’s balance of international bonds in the European currency to €4bn.

The new bonds were issued in two segments. The first for six years, worth €650m and 4.750% yield due on 11 April 2025, and the second for 12 years, worth €1.25bn with 6.375%, due on 11 April 2031.

Moreover, the ministry of finance recently signed a memorandum of understanding with Euroclear Bank, whereby Egyptian public debt instruments will be included in the local currency in the bank, to enhance the attractiveness of Egyptian debt instruments.

According to the ministry’s statement, this step aims to provide transactions on government debt instruments for a larger segment of foreign investors, especially central banks which have major investments and prefer to deal in long-term government securities.

According to the banking expert Mohamed Abdelaal, Euroclear is one of the largest banks maintaining investments in bonds, noting that offering debt instruments requires a custodian who carries out the offerings process, according to this agreement.

Abdelaal expected the government’s agreement with Euroclear to contribute toward increasing the attractiveness of Egyptian debt instruments and their demand on offerings in government debt instruments. 

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CIB-Egypt establishes representative office in Ethiopia https://dailynewsegypt.com/2019/04/21/cib-egypt-establishes-representative-office-in-ethiopia/ Sun, 21 Apr 2019 18:34:02 +0000 https://www.dailynewsegypt.com/?p=696458 We are happy about regional presence of bank: Ezz El Arab

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The Commercial International Bank (CIB)-Egypt has announced establishing a representative office in the Ethiopian capital, Addis Ababa.

In a report issued by the bank to the Egyptian Exchange (EGX) on Thursday, the bank announced that the establishment of this office comes within the bank’s expansion plans in the African market, in line with the state’s strategic trend to increase cooperation with African countries.

It added that the bank also aims to enhance relations with Ethiopian banks and support trade exchange through promoting Egyptian exports to Ethiopia and studying the market and available investment opportunities.

The bank pointed out that the representative office in Addis Ababa is a cornerstone in the bank’s presence in one of the most attractive markets in the region, pointing out that Ethiopia has recorded the highest economic growth rates across the world over the past few years.

Commenting on the establishment of this office, Hisham Ezz El Arab, chairperson of the CIB said, “We are delighted with this first step of our regional presence and look forward to the promising growth opportunities offered by the Ethiopian market, especially in light of the reforms recently held by Ethiopia.”

“We believe that there are many promising growth opportunities in Ethiopia, which we expect would have a positive return on the bank’s shareholders,” said Hussein Abaza, CEO and board member of the CIB, adding, “The business climate in Ethiopia, on both the financial and commercial levels, has introduced new avenues for our bank to provide all possible services to existing and future customers.”

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President instructs enhancement of MSMEDA activities https://dailynewsegypt.com/2019/04/21/president-instructs-enhancement-of-msmeda-activities/ Sun, 21 Apr 2019 18:27:13 +0000 https://www.dailynewsegypt.com/?p=696454 Gamea reviews agency’s most prominent future trends to collect more funding, draft new law for development of SMEs, microenterprises

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President Al-Sisi met on Saturday with Prime Minister, Moustafa Madbouly, and the chairperson of Micro, Small and Medium Enterprises Development Agency,(MSMEDA), Nevine Gamea.

The official spokesperson for the presidency, ambassador Bassam Rady, said that the president has instructed the enhancement of the activities of the MSMEDA as one of the state’s mechanism to generate jobs, increase employment rates, and support the economic security network, especially through the efforts of the agency to improve social development projects.

The president also stressed the state’s belief in the great role played by small, medium and micro projects as a driver of development, ordering to continue developing the sector of small and medium-sized enterprises (SMEs) to maximise its contribution toward propelling economic development.

The spokesperson explained that the meeting reviewed the achievements of the agency over the past five years to provide services supporting SMEs and implementing its various projects, whether through offering non-financial services, or entrepreneurship and issuing commercial records.

The meeting also tackled the efforts of the agency to provide the necessary financial resources, including direct funding, through several partnerships with national and regional parties without burdening the state budget with any financial burdens.

The agency injected about EGP 21.4bn to fund about one million small and micro projects which provided about 1.5 million jobs.

During the meeting, Gamea reviewed the future trends of the agency, most prominently, the mobilisation of more funding from the bodies providing it, and completing the drafting of a new law for developing small, medium and micro enterprises, as well as the relevant national strategy which works to put forward a vision of the map of projects related to imported products.

The government trends also include establishing industrial complexes; deepening the industry; maximising the economic and social empowerment of women; spreading the culture of entrepreneurship and self-employment; marketing products through internal and external exhibitions; increasing livestock and agricultural projects, and promoting handicrafts and heritage in governorates.

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NBE extends work hours to 6:00pm in 64 branches to receive tax dues https://dailynewsegypt.com/2019/04/21/nbe-extends-work-hours-to-600pm-in-64-branches-to-receive-tax-dues/ Sun, 21 Apr 2019 16:42:19 +0000 https://www.dailynewsegypt.com/?p=696427 All bank branches will provide e-tax collection services during official working hours

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The National Bank of Egypt (NBE) has decided to extend the working hours of the bank at 64 branches to 6:00pm during the period from 21 to 30 April. These branches will be receiving tax dues without providing any other banking services, with the aim of achieving a successful tax season without a throng of crowds.

The bank said in a statement that while choosing the branches where work hours will be extended, it considered that all geographic areas across the country would be covered.

The NBE has previously extended the work hours in its branches during the peak of submitting the initial tax declarations during the period from 24 to 31 March.

This comes within the framework of the bank’s keenness on its role in serving the national economy and supporting the Egyptian tax authority in order to collect dues during the peak time of submitting tax declarations in March and April of every year.

The bank pointed out that its support is reflected in activating the electronic collection system of government dues which allows for the collecting state sovereign revenues quickly and easily to reduce the burden on financiers in paying their dues.

According to the bank, all the branches of the bank will provide e-collection of taxes whether in cash or deduction from accounts, and to take all decisions to facilitate the process for individual financiers or companies.

Furthermore, the bank issued instructions to all its branches to follow the instructions and accurately organise work, so that tax receipts are received regardless of their value. These measures aim to maximise tax revenues, which would leave a positive impact on the national economy.

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