Day: March 10, 2024

Gold prices in Egypt had a positive week, boosted by major changes in the markets following the historic decisions of the Central Bank of Egypt (CBE), which altered the market conditions significantly. However, there is still uncertainty about the next step and the consequences of these decisions on the local…

As part of its branch network expansion across Egypt, First Abu Dhabi Bank Misr (FABMISR), one of the largest banks in the country, announced the opening of its latest branch in Banha City, Qalyubeya governorate. The new branch is the bank’s 65th in Egypt, demonstrating its commitment to enhancing its…

The Central Bank of Egypt’s decision to raise interest rates by 600 basis points has prompted consumer finance companies to adjust their pricing plans and offers. Some companies have already informed their customers that they are revising their offers, while others have suspended long-term lending plans. Said Zater, CEO of…

Mohamed Maait, the Minister of Finance, welcomed Moody’s global credit rating agency’s decision to upgrade its outlook on the future of the Egyptian economy from negative to positive. He said that this paves the way for enhancing Egypt’s credit rating shortly from this institution, which is one of the most…

According to recent data released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s annual inflation rate in February 2024 has surged to 36.0 percent, a significant increase from this January’s rate of 31.2 percent.  The consumer price index climbed to 219.4 points during the same period.  The…

Banks operating in the Egyptian market have begun raising credit card withdrawal limits following orders from the Central Bank of Egypt, in a new step towards enhancing the stability of the local exchange market. This follows the measures taken by the government and CBE to enhance foreign exchange flows, and…

Minister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels.…

The Central Bank of Egypt (CBE) raised its basic interest rates by 6% in an emergency meeting of the Monetary Policy Committee (MPC) last Wednesday, affecting the returns on savings and loan products in banks. Some banks reacted quickly to CBE’s decision by increasing the interest rates on variable-return certificates…

A consortium of ASGC Construction from the UAE, Saudi Egyptian Developers, and Hassan Allam Holding has agreed to develop and upgrade the land of the dissolved National Democratic Party, as announced by the Sovereign Fund of Egypt (TSFE) to investors, according to “two high-level sources familiar with the deal.” The…