Financial Services

The increasing use of ICT by banks has brought greater efficiencies and heightened access to the market. All of Egypt’s major players have invested in online banking functionality, and firm resolutions to expand upon this technological base to offer customers new and more convenient ways to bank has become a staple of annual reports across the...

The political transformation of Egypt that began in early 2011 has presented the banking sector with fresh challenges at a time when it was gaining ground on those already pushed forth by the global economic crisis. Nevertheless, financial results for 2011 reveal that the nation’s lenders put in a robust performance that year, and entered 2012 well...

When the Central Bank of Egypt (CBE) announced in March 2012 that it would lower the reserve requirement for local currency deposits to 12% from 14%, the market showed its approval instantly. The following day financial stocks on the Egyptian Exchange (EGX) led a 1.07% rise in the benchmark EGX30 index, on the prospect of fresh capital being made...

As well as its general regulatory functions, the Central Bank of Egypt (CBE) is entrusted with implementing the nation’s monetary policy, a role that has most recently been defined by the Banking Law of 2003.

In November 2011 Moody’s ratings agency downgraded five of Egypt’s largest banks, attributing its decision to concerns surrounding their exposure to sovereign debt and the ability of the transitional government to support the banking system in the event of a significant deterioration of their position. The development came as a reminder that,...

Much has been made of the government’s reliance on the domestic banking sector to fund its fiscal obligations in the wake of the 2011 uprising. The stream of high-yield T-bills has proved such an effortless and lucrative line of business to the nation’s lenders that the private sector – with the exception of the blue chips – has been crowded out of...