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Moody’s upgrades five Egyptian banks, outlook changed to stable

Moody’s Investors Service (Moody’s) upgraded on Tuesday, the long-term local-currency deposit ratings of the National Bank of Egypt SAE (NBE), Banque Misr SAE (BM), and Banque Du Caire SAE (BdC) and the Commercial International Bank (Egypt) SAE (CIB) to B2 from B3, and their long-term foreign currency deposit ratings to B3 from Caa1. Furthermore, the …

Daily News Egypt

Egyptian banks increase their SME credit by EGP 136bn in 3 years

Egyptian banks increased their SMEs credit by EGP 136bn from end-2015 till end-2018, benefiting about 522,000 foundations, Gamal Negm, deputy governor of the Central Bank of Egypt (CBE), said on Tuesday. The banking sector allocated 65% of its loans to the private sector, Negm said before an IMF conference on its paper about Financial Inclusion …

Hagar Omran

Planned cybersecurity centre will monitor any digital fraud in banks

The Head of Payment Systems at the Central Bank of Egypt (CBE), Ehab Nasr, said the CBE works within a large team in the government regarding digital transformation under the umbrella of the National Council of Payments. “The bank works within a general framework to produce a national payment card ‘Meza card’. We aim to …

Daily News Egypt