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Visa and Egypt Agree to Establish Remittances Transfer Service

Visa inked a memorandum of understanding (MoU) with the Egyptian Banks Company (EBC), the technology arm of the Central Bank of Egypt (CBE), to streamline and improve the process of international remittances for Egyptians residing overseas, the financial services announced in a press release shared with Egyptian Streets on 11 February. “This strategic partnership is

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IMF 'Very Close' to New Loan Agreement with Egypt: Georgieva

Egypt and the International Monetary Fund (IMF) are in the final stages of discussions concerning the continuation of the country’s loan programme, Managing Director Kristalina Georgieva revealed on 2 February. "We are in this very last stretch when we are working on the details of implementation... We are very close. So we are not talking

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How can Egyptian Financial Institutions Mitigate Fraud Risks?

Fraud prevention in Egypt's banking and financial sector is a critical concern in an era marked by technological advancements and evolving financial landscapes. As financial institutions embrace digitalisation, the risk of fraudulent activities has grown, necessitating robust preventive measures. Though many banks and financial institutions still face challenges in reducing fraud, they can adopt

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Banque Misr Launches Debit Card for US Dollar Transactions

Egyptian state-owned bank, Banque Misr, released a new debit card that allows US dollar transactions up to USD 20,000 (EGP 618,058) per month, according to an Ahram Online report published on 30 January. The Visa Platinum card, which also works domestically, allows for a daily limit of USD 1,000 (EGP 30,902) and is valid up

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USD Nears 60 EGP Mark in Egypt's Black Market

The US Dollar is set to break the EGP 60 mark in Egypt’s black market, which stood at EGP 57 per 1 USD, according to an Ahram Online at the start of the week. The official exchange rate, maintained around EGP 30.80 per 1 USD since the Central Bank of Egypt's last devaluation in January

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IMF Chief, US Secretary pledge support for Egyptian economy amidst challenging times

During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program

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Analysts Forecast CBE to Keep Rates Unchanged As Inflation Declines

The Central Bank of Egypt (CBE) is anticipated to maintain its current overnight interest rates during the upcoming policy meeting on Thursday 21, December. This decision is expected despite the forecast of economic reforms following President Abdel Fattah Al-Sisi's recent re-election for a third six-year term, securing 89.6 percent of the vote. Analysts

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Egypt to Explore Digital Pound Implementation

The Central Bank of Egypt (CBE) is actively considering the issuance of a digital pound in collaboration with the International Monetary Fund (IMF) and the World Bank, aiming to propel the country's digital transformation.. Director of the Cairo Center for Economic and Strategic Studies, Abdel Monem Al-Sayed, told Al-Masry Al-Youm that the digital pound is

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Egypt's net int'l reserves record $35.173B in November: CBE

This marked a slight increase from the previous month when the reserves stood at $35.102 billion

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How is the Ban on Debit Card Usage in Foreign Currency Affecting Egyptian Startups?

“If I cannot pay for these infrastructural services from my own Egyptian bank, then I can't really operate in Egypt. So I might as well just look for an environment where I can actually use my money however I please.” This is what Ramy Kandil, a 33-year-old Egyptian entrepreneur had to say about the recent

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