Day: March 14, 2024

The exchange rate of the US dollar price is witnessing a state of relative calm in Egyptian banks on Thursday, following the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound. Exchange rate on Thursday: Central Bank of Egypt  LE48.36 for purchase. LE48.46 for sale. Banque Misr LE48.40…

Al Ansari Exchange, a leading provider of transfer and foreign currency exchange services in the UAE and part of the Al-Ansari Financial Services Group, has reported a significant increase in money transfers to Egypt following the liberalisation of the Egyptian pound. The company observed a marked rise in the volume…

Contact Pay, a premier provider of payment solutions and a subsidiary of Contact Financial Holding, has entered into a strategic cooperation agreement with OPay, a frontrunner in fintech solutions and electronic payments. The partnership is designed to bolster collaboration, offering a suite of digital payment options that meet the varied…

The Egyptian Exchange (EGX) disclosed that 58.1% of the AIG Egypt Insurance shares targeted by Gulf Insurance Group’s mandatory purchase offer have been tendered. This amounts to 32,608 shares, in response to the offer which concluded last Wednesday. Gulf Insurance Group had proposed a mandatory offer to acquire 56,031 shares,…

In a remarkable turnaround, Beltone Holding reported a profit of EGP 369m in 2023, a significant shift from the EGP 269m loss the previous year. This recovery is attributed to a restructuring strategy initiated early last year after a period of sustained losses. The company’s consolidated operating revenues soared to…

The European Union (EU) is finalizing a €7.4bn aid package for Egypt, aiming to bolster the country’s finances amid regional instability, the Financial Times reported on Wednesday. The newspaper cited concerns over the ongoing conflicts in Gaza and Sudan potentially worsening Egypt’s economic situation and fueling immigration pressures on Europe.…

The Egyptian Islamic Finance Association (EIFA) reported that Islamic banking in Egypt surged to nearly EGP 606bn by December 2023, marking an increase of EGP 110bn and a growth rate of 22.3% from the previous year. Islamic banking now comprises roughly 4% of the Egyptian banking sector’s total volume. The…

EFG Finance, a subsidiary of EFG Holding specializing in non-bank financial services, has announced the acquisition of a licence from the Financial Regulatory Authority (FRA). This licence will enable the launch of a new subsidiary dedicated to providing bespoke financial services for small and medium enterprises (SMEs). The launch is…

In a collaborative effort to produce sustainable aviation fuel (SAF), key Egyptian ministers convened at the Ministry of Petroleum and Mineral Resources. The meeting underscored a petroleum sector initiative to pioneer SAF production. Tarek El Molla, Minister of Petroleum and Mineral Resources, highlighted recent initiatives and executive actions to produce…

In line with presidential directives, Egypt has expedited the release of essential commodities and industrial necessities from its ports. Over the first ten days of March, the Finance Minister, Mohamed Maait, reported a surge in the release rates of these critical items, totaling $1.7bn in value. This initiative aligns with…