Banking

The latest banking stories from Egypt and across the globe, by the Daily News Egypt banking team, including global insight and commentary on the top issues concerning this sector.
Latest Banking News

FEB declares definitive rejection of applying, registering under VAT Law: board member

The federation sent a memo to the CBE, detailing the banks’ rejection…

Hossam Mounir

Banks working to prevent customer manipulation on electronic payment cards abroad

New controls and shortening limits on card usage are being implemented to…

Hossam Mounir

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…

Hossam Mounir

NBE reduces foreign exchange cash limit for travelling customers

The bank provides cash for foreign exchange only on condition of reviewing…

Hossam Mounir

CBE launches its regular auction with $120m, fixes US dollar at EGP 8.78

The Central Bank of Egypt (CBE) launched Tuesday its regular weekly auction…

Hossam Mounir

Egyptian bankcards used to complete $2.5bn worth of transactions abroad in FY 2015/2016

Banks have received clear instructions to suspend cards that are being misused,…

Hossam Mounir

Banque Misr requires customers to provide travel documents to use cards abroad

These new controls are designed to prevent cards abuse, says bank chairperson

Hossam Mounir

5 banks in Egypt account for 71.47% of banking sector’s total profits as of June: CBE

The sheer capital of banks amounts to EGP 100.72bn, with the top…

Hossam Mounir

Banque Misr aims to boost SME loan portfolio to EGP 30bn in next few years

Banque Misr aims to increase the size of its small- and medium-sized…

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…

Hossam Mounir