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Egypt Rejects New IMF Funding Offers

January 30th, 2020 - 01:04 GMT

Egypt Rejects New IMF Funding Offers

Central bank governor Tarek Amer has stated that the International Monetary Fund (IMF) offered new funding but Egypt rejected it. Amer affirmed that there are talks with the IMF but not because there is a need for funding. Egypt signed an IMF loan of USD12 billion at the end of 2016, and it received the loan via tranches. Amer said the country will benefit from the Fund’s expertise in structural ...

Egypt's Central Bank Appoints Governor for Second Four-Year Term

November 26th, 2019 - 08:30 GMT

Egypt's Central Bank Appoints Governor for Second Four-Year Term

Egypt is hosting its first Fintech conference titled “Seamless North Africa” on February 6-7 to revitalize the country’s digital economy. (Shutterstock)

February 5th, 2018 - 09:50 GMT

‘Seamless North Africa’: Egypt to Host First Fintech Conference on February 6-7

The intention of the CBE to establish an independent central administration to protect consumers of financial services.

October 24th, 2017 - 05:00 GMT

Only 33% of Adults in Egypt Have Bank Accounts

Tarek Amer, governor of the Central Bank of Egypt, speaks during a recent press conference in Cairo. (AFP/File)

February 2nd, 2017 - 09:48 GMT

Egypt’s Central Bank receives $4 billion from Eurobonds issuance

Lagarde explained that there is “still a little bit of implementation” to be completed before the IMF board can meet with regards to both exchange rate and to subsidies. (AFP/File)

October 10th, 2016 - 07:00 GMT

Almost there: Egypt's pre-requisites for IMF loans nearly fulfilled

Egypt's current foreign reserves stand at $16.564 billion, still less than half of the foreign reserves Egypt had before Hosni Mubarak's removal when they were almost $36 billion. (File photo)

October 3rd, 2016 - 04:23 GMT

Egypt braces itself for possible pound devaluation

The Commercial International Bank (CIB), Egypt’s largest listed bank, has banned withdrawal from all debit cards abroad and has set a purchasing limits depending on the type of card. (File photo)

September 19th, 2016 - 10:00 GMT

Egypt's overseas students feel the pinch of the country's hard currency crisis

Egypt's President Sisi and the UAE's Mohammed bin Zayed Al Nahyan during the latter's visit to Cairo in April 2016. (File photo)

August 23rd, 2016 - 12:30 GMT

UAE offers $1B to Egypt's Central Bank

Chinese-Egyptian relations have developed positively over the past period after the Chinese President visited Cairo last January, in a trip that was the first of its kind in 12 years. (File photo)

July 13th, 2016 - 05:00 GMT

Egypt inks 18 multi-sector deals with China

Egypt has suffered from a shortage of dollars in the banking system to pay for crucial imports since a 2011 uprising drove away tourists and foreign investors, crucial sources of hard currency. (Shutterstock/Ververidis Vasilis)

July 4th, 2016 - 08:00 GMT

Egypt's Central Bank claims no change to debit card use abroad

A source within the CBE said the total dues repaid by the central bank to Qatar in the past two years amounted to $7 billion. (File photo)

July 4th, 2016 - 04:20 GMT

Payback time: Egypt settles billion-dollar debt with Qatar

Debit cards for accounts in foreign currency can still be used abroad up to a limit of $100,000 as per a 2014 directive. (File photo)

June 30th, 2016 - 12:00 GMT

Egypt: Foreign currency crisis prompts ban on use of debit cards overseas