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CIB has been on the forefront of the banking sector’s digital transformation by investing heavily over the years in its infrastructure, security and digital platforms, the bank said in a statement on Thursday. These included the rollout of talking ATMs for the first time in Egypt, designed for visually impaired customers. The bank has also […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Cost of high-yielding CDs up almost 100 bps after reserve ratio increase -source
The central bank’s move to increase the required reserve ratio to 14% from 10% raises the cost of high-yield certificates of deposit issued by state-owned banks by 80-100 bps, sources told Al Mal. Banque Misr, National Bank of Egypt, and Banque du Caire issue certificates carrying rates of 20%. The new reserve requirements increase their […]
Posted inBanking + Finance
Banque du Caire and The Export Development Bank join electricity loan consortium
Banque du Caire will contribute EGP 3 bn and the Export Development Bank a further EGP 1 bn to an EGP 37.4 bn syndicated facility to the Egyptian Electricity Transmission Company, reports AMAY. EGP 18 bn of the loan is committed to upgrading transmission lines in the grid with the remaining EGP 19.4 bn going […]
Posted inBanking + Finance
NBE planning on increasing stake in Mortgage Finance Fund
National Bank of Egypt (NBE) is planning on increasing their exposure to the CBE’s Mortgage Finance Fund to EGP 5 bn, said Head of Retail Credit Risk Karim Sous. The bank had previously injected EGP 2.2 bn into the program and now with the CBE upping the size of the fund to EGP 20 bn […]
Posted inOther Business News of Note
Banking sector draws in USD 52 bn since float
Egypt’s banking sector managed to draw in some USD 52 bn since the EGP float last November, CBE Deputy Governor Rami Abul Naga tells the state news agency. "The remittances of the Egyptian expats, investments and export revenues were the reasons behind the increase of the FX," he said.
Posted inEgypt Politics + Economics
Ismail cabinet refutes legality of independent unions
The Ismail cabinet reportedly said independent labor unions may not be legal at its meeting last Thursday, according to Al Mal. The cabinet issued a response to an official inquiry on the topic, saying that it had nullified a decision by the previous Manpower Minister in 2011 sanctioning independent unions. Under the new Labor Unions […]
Posted inEgypt Politics + Economics
Coptic priest killed, one injured in knife attack in El Salam City
A Coptic priest was killed and a second injured after they were attacked by a man in El Salam City on the outskirts of Cairo on Thursday, Ahram Online reports. Police have arrested a suspect and no motive for the attack has yet been disclosed.
Posted inEgypt Politics + Economics
New anti-debauchery law to be submitted next week
MP Shadia Thabet said she is submitting a new “anti-debauchery” law to the House of Representatives next week, according to AMAY. The draft bill will hand out fines and jail time for those who promote “deviant” behavior, the MP said, hopping on the anti-LGBTQ bandwagon.
Posted inNational Security
Sinai attack results in the death of six soldiers
Terrorists killed six soldiers in an attack on a military post in El-Arish, an official Armed Forces statement said. The attack has been claimed by the daeshbags, according to Reuters.
Posted inON YOUR WAY OUT
On this day: 15 October
ON THIS DAY- On this day in 1964, Nikita Khrushchev unexpectedly stepped down as leader of the Soviet Union. Five years earlier, a final conference on the Antarctic Treaty convened in Washington, D.C., and, after six weeks of negotiations, the treaty was signed by 12 countries, preserving the continent for free scientific study. More recently, […]