Egypt has been a regional banking powerhouse for more than a century and is home to the biggest banking sector in North Africa, according to the Union of Arab Banks. The industry is also one of the region’s most stable, surviving both the economic turbulence that followed the Arab Spring and a more recent foreign currency crisis that saw...
In the three decades before the 2007-08 global financial crisis, the world’s financial networks became increasingly interconnected. Financial system regulatory convergence, the growing penetration of World Trade Organisation rules and the creation of currency unions, such as the euro, resulted in a surge in cross-border capital flows....
As the Central Bank of Egypt (CBE) has attempted to stabilise the country’s currency in recent years, the banking sector has been placed in a challenging position. At the macro level, an overvalued Egyptian pound following the 2011 revolution acted as a brake on investment and undercut economic growth, with the consequence being a reduced...
With the largest population in the Middle East and a relatively established insurance sector, Egypt has long been a promising market for insurers. Domestically licensed companies have shown strong growth in recent years, driven by public expenditure on capital projects and increasing private sector activity. However, the sector’s impact on the lives of ordinary Egyptians has been limited, with...
The year of 2018 was challenging across the board for many emerging markets, and changing trends in global capital movements have brought turbulence to the Egyptian Exchange as well. After rising significantly in the first four months of 2018, the exchange’s main index, the EGX30, showed a sustained retrenchment to end the year at a level not seen since early 2017. Throughout this period,...
Egypt has been a regional banking powerhouse for more than a century and is home to the biggest bank¬ing sector in North Africa. The industry is also one of the region’s most stable, surviving both the economic turbulence that followed the Arab Spring and a more recent foreign currency crisis that saw government auctions of US dollars and the growth of a parallel market for foreign currency....
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