Egypt's gold reserves, a major component of foreign cash reserves, inched up to $7.644 billion at the end of September 2023 from $7.326 billion at the end of December 2022, a central bank data showed on Wednesday.
The country's net foreign reserves (...)
Egypt's AlexBank, part of Italy's Intesa Sanpaolo, announced on Tuesday that its net profit after tax reached 2.365 billion Egyptian pounds ($76.5 million) in the first half of the year.
Earlier, net profit after tax stood at 1.234 billion pounds in (...)
Egypt's gold reserves, a major component of foreign cash reserves, rose to $7.974 billion at the end of July from $7.738 billion at the end of June, a central bank data showed on Sunday.
Egypt's net foreign reserves surged to $34.878 billion at the (...)
The central banks of Egypt and Nigeria have signed on Monday an agreement to boost cooperation in multiple areas.
The Central Bank of Egypt (CBE) and Central Bank of Nigeria (CBN) intend to collaborate on areas of fintech and promoting financial (...)
First Abu Dhabi Bank – Egypt (FAB Egypt) reported on Thursday a 572 percent growth in net profit for the first quarter of the year.
Net profit recorded 4.79 billion Egyptian pounds ($155 million) for the first quarter ended on March 31.
Total (...)
QNB ALAHLI is offering three-year certificates of deposit at 19.25 percent, it said in a statement on Tuesday.
The move came few days after the central bank hiked rates by 200 basis points in an attempt to bring soaring inflation under (...)
Egypt's pound currency fell to surpass EGP 100 against the Kuwaiti dinar for selling at some banks during early trade on Monday.
At the National Bank of Egypt (NBE), the pound dropped to EGP 96.24 against the U.S. dollar for buying and EGP 100 for (...)
Kuwait Energy and the Egyptian General Petroleum Corporation (EGPC) have signed a concession agreement to pump new investments for developing and exploiting Borg Al Arab Area in Western Desert.
On the sidelines of the International Petroleum (...)
Egypt's Ministry of Petroleum has signed a MoU with Kuwait Energy Egypt to provide capacity buildings for operation safety and assets integration teams, on the side-lines of Egypt Petroleum Show (EGYPS 2023) in Cairo.
The agreement was signed by the (...)
Italy's biggest bank, Intesa Sanpaolo will start extensive negotiations in the coming few hours to buy the Egyptian government's stake in subsidiary AlexBank, according to people familiar with the matter.
The Italian bank, which already holds a 80 (...)
Egypt's third largest public state-lender, Banque du Caire (BdC) is launching new one-year certificates of deposits (CDs), carrying a 22.5 percent and a 25 percent yield, an official source with knowledge told Amwal Al Ghad on Monday.
The new (...)
U.S. Oil and energy company ExxonMobil announced on Tuesday it had secured exploration rights to two blocks offshore Egypt. The blocks, Masry and Cairo, are located in the outer Nile Delta, covering more than 11,000 square kilometres.
The awards are (...)
Egypt's second-largest state lender Banque Misr has collected 39 billion Egyptian pounds ($1.4 billion) from its high-yielding savings certificate it introduced five days ago, said chairman Mohamed El-Etreby on Monday.
The one-year certificates, (...)
Egypt's pound currency fell to surpass the EGP 27 level against the U.S. dollar during the closing trade at banks on Thursday.
At the Central Bank of Egypt (CBE), the pound dropped to EGP 27.07 for buy and EGP 27.16 for sell.
Below the exchange (...)
Egypt's second largest public bank, Banque Misr said on Monday its profit before income tax recorded 27.781 billion Egyptian pounds ($1.1 billion) in the first nine months of 2022.
Earlier, pre-tax profit stood at 25.514 billion pounds in the (...)
Egyptian veteran banker Hisham Ezz Al-Arab returns for a second stint as chairman of the Commercial International Bank (CIB Egypt), sources with knowledge told Al Arabiya TV on Thursday.
From right to left Egyptian Central Bank Governor Hassan (...)
تتوقع هيئة الأرصاد الجوية، أن يشهد غدا الإثنين، طقس خريفى مائل للحرارة نهارا على القاهرة الكبرى والوجه البحرى والسواحل الشمالية الشرقية وجنوب سيناء وشمال الصعيد، معتدل على السواحل الشمالية الغربية، حار على جنوب الصعيد، مائل للبرودة ليلا على كافة (...)
Egypt's three biggest state-owned banks will sign on Thursday at the UN climate summit COP27 a joint agreement with the French Development Agency (AFD) and the European Union for financing climate-related projects led by MSMEs.
In line with Egypt's (...)
Abu Dhabi Commercial Bank – Egypt (ADCB-Egypt), part of Abu Dhabi Commercial Bank, reported on Monday a 65 percent year-on-year hike in net profit before taxes and appropriations at the end of September.
Net profit before taxes and appropriations (...)
Egypt is targeting a primary surplus of 2.3 percent in its budget for the financial year 2026/2027, Finance Minister Mohamed Maait said on Sunday.
Speaking at the Egyptian Economic Conference 2022 (EEC 2022), Maait said the country is also seeking (...)
Egypt and the International Monetary Fund (IMF) have finalised an agreement on the components of the new programme and will issue an announcement "very soon," the country's Finance Minister Mohamed Maait said on Sunday.
"Very productive bilateral (...)
Banque Misr, Egypt's second biggest state lender, plans to launch its first digital bank in the homeland by early next year, its chairman announced on Monday.
"After getting the approvals from the Central Bank of Egypt (CBE), Banque Misr is set to (...)
Egypt's net foreign reserves slightly fell to $33.141 billion at the end of August from $33.143 billion at the end of July, a central bank data showed on Sunday.
Foreign reserves have been falling since March following the outbreak of the Russian (...)
Egypt plans to issue green samurai bonds on the Japanese market and panda bonds on the Chinese market, Finance Minister Mohamed Maait said at a conference in Cairo on Tuesday.
In March, the North African country has successively issued 60 billion (...)
Egypt's Finance Minister Mohamed Maait said on Sunday that around $35 billion in short-term investment "hot money" had exited the country since the outbreak of the coronavirus pandemic.
However, Maait further said the country is working to absorb (...)