The National Bank of Egypt (NBE) considers granting two loans worth EGP 350 million to two tourism companies. A source said the bank will discuss whether to lend the two companies or not in the next meeting of the executive committee. NBE largely supports tourism as it delayed loan repayment installments for many of the customers working in the sector in accordance with the Central Bank of Egypt’s initiative. The tourism sector needs to by backed by the country’s institutions and banking system in the upcoming period in order to flourish. Tourism is one of the country’s main foreign currency resources. More»

The Egyptian Ministry of Finance has sold 182- and 357-day treasury bills worth EGP 6.847 billion on Thursday, while it sought to raise EGP 7.5 billion in the T-bills. The Ministry raised EGP 2.847 billion from the 182-day T-bills, while it sought to raise EGP 3.5 billion. It raised EGP 4 billion from the 357-day T-bills, the total value it targeted. The yields on 182-day T-bills ranged from 14% to 14.75%, while the average return registered 14.364%. The yields on 357-day T-bills ranged from 14% to 14.149%, while the average return registered 14.824%. The last week has witnessed a decline of demand for government debt instruments, as the Ministry sold EGP 4.4 billion worth of treasury bills and bonds, while it sought to raise EGP 15.5 billion. It also cancelled an auction to sell 357-day T-bills worth EGP 653 million. More»

The National Bank of Egypt (NBE) has granted Al-Ahram Institution a loan worth EGP 150 million, sources told Amwal Al Ghad. The loan will be used to finance modernizing the printing machines of the institution, sources added. The bank has offered Al-Ahram loans of more than EGP 300 million in the last period. NBE have been conducting deals with Al-Ahram since 1980s. More»

The Commercial International Bank (CIB) has announced board reshuffle after it appointed Yasser Zaky Hashem and Sherif Hussein Kamel as non-executive board members. The bank’s new board of directors is now as follows: More»

The Central Bank of Egypt (CBE) has postponed its 60th periodic FX auction from Thursday to next Monday. Sources said CBE cancelled its regular FX auctions on Wednesday and Thursday because it offered US$ 800 million to local banks at an exceptional auction yesterday to address the banks’ needs to finance the import of basic goods. This is the second exceptional FX auction conducted by the central bank after it earlier offered US$ 600 million at the end of last April at another exceptional auction which contributed to the retreat in the value of dollar in the black market to EGP 7.30 from EGP 7.95. The central bank conducts periodic FX auctions on Mondays, Wednesdays and Thursdays since the appointment of Hisham Ramez as governor of the bank which offers US$ 40 million at every FX auction. The US dollar crossed the borders of 7 Egyptian pounds at the end of last week. It has broken a new record in the Egyptian market, hitting EGP 6.9819 for buying and EGP 7.012 for selling. The dollar’s price has largely surged against the Egyptian pound concurrently with the implementation of FX auction mechanism as the dollar’s price was EGP 6.37 and then reached EGP 7.012. More»