Latest in Highlight

Advertising Area







Latest in


Central Bank of Egypt

CBE allows banks to direct part of US dollar-denominated proceeds to cover temporary overdrafts on customer accounts

The Central Bank of Egypt (CBE) has allowed banks working in the domestic market to direct part of their proceeds denominated in US dollars to cover customers’ temporarily overdraft accounts. According to the CBE’s instructions received by banks on Tuesday, after covering imports on essential goods banks can direct 50% of their hard cash towards …

Hossam Mounir

Egyptian banks emerge as net winners post-25 January Revolution

Financial Times—Egyptian banks emerged as net winners after the 25 January Revolution in 2011 on significant net interest margin (NIM) expansion, supported by record-high treasury yields over 2012-2016. For the past six years, banks have been channeling excess liquidity to treasury investments. As such, banks’ treasury investments reached circa 45% of assets as of mid-2016 …

Daily News Egypt

Will Egypt follow the example of Brazil or Argentina in dealing with the IMF?

Following the implementation of all of the International Monetary Fund’s (IMF) preconditions for the three-year, $12bn loan Egypt is bent on receiving, the government submitted a letter of intent to the IMF executive board two days ago. A letter of intent outlines one or more agreements between the two parties before the conclusive agreement is …

Shaimaa Al-Aees

cars

Egyptian Automotive Dealers Association halts imports for November

The Egyptian Automotive Dealers Association held a meeting for leading car importers in which the association announced it would halt the import of cars during November in support of Egypt’s economy. The association met recently, prior to the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate of the Egyptian pound against the …

Ahmed Dawoud