ADIB Egypt invests EGP 1bn in technological infrastructure, digital transformation
Abu Dhabi Islamic Bank Egypt (ADIB) has announced plans to invest approximately EGP 1bn in technology and digital transformation, alongside expenditures on cybersecurity enhancements. This announcement was made during the bank’s participation in the 28th Cairo ICT Exhibition, held from
Strong expectations for fifth consecutive EGP interest rate hold
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is expected to hold its penultimate meeting of the year on Thursday to decide on key interest rates, which are critical indicators of the Egyptian pound’s short-term trends.
65.5% increase in Egyptian remittances during August: CBE
Remittances from Egyptians working abroad surged by 65.5% in August 2024, reaching around $2.6bn, up from approximately $1.6bn in August 2023. According to the Central Bank of Egypt (CBE), remittances saw a significant increase of 76.2% over July and August
Egypt’s annual urban inflation edges up slightly to 26.5% in October
The Central Agency for Public Mobilization and Statistics (CAPMAS) has reported a slight increase in Egypt’s annual urban inflation to 26.5% in October 2024, up from 26.4% in September. Across the country, annual inflation climbed to 26.3% in October from
Suez Canal Bank opens its 53rd branch in Menoufeya’s Shibin El-Kom
Suez Canal Bank inaugurated its latest branch in Shibin El-Kom, Menoufeya to provide its banking services and products to a larger customer base. This aligns with the directions of CBE and Egypt’s Vision 2030 to spread financial inclusion across the
Tadamun Microfinance, EBank sign EGP 50m worth of credit facility
Tadamun Microfinance Foundation, which finances women’s micro-enterprises, announced signing a EGP 50m credit facility with the Export Development Bank of Egypt (EBank). The aim is to meet the needs of the women-led micro-enterprise sector, facilitate access to the necessary financing,
CBE conducts training programme for calibres from Djibouti’s central bank
The Central Bank of Egypt (CBE) conducted a training programme for calibres from the Central Bank of Djibouti (CBD) covering the latest operational systems employed in key areas, including the International Transactions Reporting System (ITRS) in Egypt – a primary
CBE receives 28 offers worth €922.8m to cover local euro-denominated T-bills issuance
The Central Bank of Egypt (CBE) received 28 offers worth €922.8m to cover an issuance of local treasury bills denominated in the European currency. CBE launched a tender worth €600m on Monday, on behalf of the Ministry of Finance,
IMF’s Georgieva praises Egypt’s reforms, flexible exchange rate
Egypt has successfully implemented a flexible exchange rate system, the International Monetary Fund’s (IMF) managing director Kristalina Georgieva said Sunday, praising the efforts of the Central Bank of Egypt (CBE). Georgieva said Egypt has made “successful progress” on the flexible
Egypt holds consultative meeting to discuss national foreign direct investment strategy
Egypt’s Ministry of Planning, Economic Development and International Cooperation hosted a consultative meeting on Tuesday to discuss the draft of the National Foreign Direct Investment (FDI) Strategy, prepared in collaboration with the World Bank Group. The meeting, attended by representatives