Egypt

Egypt central bank reports fall in bank liquidity

EGYPT - The central bank has revealed a continued downturn in commercial banks' performance over the past period. Rates of capital efficiency and of net profits and incomes have gone down. Also, the banks' liquidity crunch has worsened due to a decline…

Egypt cb opens new check clearing house

EGYPT - The new electronic Cairo Clearing House at the Central Bank of Egypt (CBE) was inaugurated yesterday. Its services will be available to banks nationwide and its computerized system will be capable of clearing up to 100,000 cheques a day.

Egypt calls for aid

EGYPT - Egypt is to ask international donors for financial support of $2.5bn to help it plug the gap in the country's accounts.

Unrestricted foreign currency in Egypt

EGYPT - According to Al-Bayan newspaper (August 22, 2001), the Egyptian Central Bank recently instructed all commercial banks in Egypt to provide any foreign currency sum required by local customers.

C Bank head says new ex rate system successful

EGYPT - Prime Minister Dr Atif Ubayd 12 August presided over a meeting of the ministerial economic group which reviewed conditions on the exchange rate market and made an evaluation of the first week of the new exchange rate system and providing foreign…

Raiding the central bank to pay the deficit, Egypt

ARTICLE - The official figures issued for the budget deficit only tell part of the story about the state of Egypt's finances. A close look at the pattern of government debt over the past three years suggests that the actual fiscal deficit has been in the…

Egypt central bank dollar requests mount up

EGYPT - Egyptian banks have accumulated requests for hundreds of millions of dollars with the Central Bank which has not released any dollars into the market in over a month, banking sources and newspapers said on 7 June.

Currency crisis in emerging markets - predictable?

RESEARCH PAPER - Brazil and Argentina are among the countries most vulnerable to a currency crisis, according to a new model developed by a Dutch central bank economist which had been flashing warning signals about Turkey back in December 2000.

Hackers obliterate Egypt central bank website

Computer hackers have obliterated the website of the Egyptian central bank. The cyber attack was launched on the morning of Feb. 2, Ayman el-Sayed, the central bank's webmaster, said. "We are now implementing security measures to avoid this happening in…

New Egypt forex peg only valid as short-term fix

Egypt's introduction of a "managed peg" for pound-dollar rates may restore exchange rate stability in the short term but will be unsustainable and counterproductive in the long term, analysts said on Jan. 29, 2001. Under the new system the central bank…

Egypt to value pound vs currency basket eventually

Egypt's Economy and Foreign Trade Minister Youssef Boutros-Ghali said on Jan. 29 the Egyptian pound would eventually be valued against a basket of currencies, rather than the dollar as now."We are waiting to move to a basket of currencies when the time…

Egypt money market authority on falling shares

Commenting on the fall in stock prices during the year 2000, an Egyptian official has said that despite the decline, bills and bonds portfolios had achieved a substantial growth rate. He explained that stock prices had fallen because of the negative…

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