The Central Bank of Egypt (CBE) has doubled the daily and monthly transaction limits for financial inclusion accounts, prepaid cards, and mobile banking, according to a circular issued by the bank on Wednesday. The initiative targets individuals, micro-enterprises, and the self-employed. For individuals, daily withdrawal, transfer, and purchase limits have been elevated from EGP 30,000 to EGP 60,000, while monthly limits increased from EGP 100,000 to EGP 200,000. As for licensed micro-enterprises, daily transaction limits for financial inclusion accounts, prepaid cards, and mobile banking have been raised to EGP 80,000 from the previous limit. Additionally, monthly limits have been adjusted…
Author: Doaa A.Moneim
Savings holders in Egypt are looking for a haven to protect their finances from the economic fluctuations that are being caused by various factors such as the war in Ukraine, the ongoing impacts of COVID-19, and the recent Israel-Palestine conflict in Gaza. Egypt is grappling with a challenging economic situation marked by the Egyptian pound’s lowest performance, a moderation in foreign direct investments (FDIs), a significant US dollar shortage in the local market, and escalating inflation. These challenges are compounded by the vulnerability of individuals’ purchasing power and the elevated costs for businesses. “During such times, I believe investment diversification…
The British multinational Standard Chartered (StanChart) bank is poised to commence full-fledged banking operations in Egypt by the end of 2023, Egypt’s Minister of Planning and Economic Development Hala El-Said announced. Last week, the bank appointed Mohammed Gad as CEO of its office in the country effective immediately. StanChart is already operating in the Egyptian market through a representative office, which will be replaced by an official office in the market. In January, Standard Chartered obtained the in-principal approval from the Central Bank of Egypt (CBE) in November 2022, being the first bank to secure such a license to operate…
Fawry, a prominent e-payment solutions provider in Egypt, refuted reports suggesting that any of its platforms or online services had been subjected to cyber attacks, according to a bourse filing on Thursday. The company said it checked the servers for clients and banks and found no trace of the alleged attacks nor any leakage of data. Fawry’s shares plunged by over 4% on the Egyptian stock market Thursday following the news. Cyber attack reports As Fawry partners with almost all government and public bodies, the payment solutions provider has become an essential player in the local market for individuals, companies,…
Middle Eastern countries mainly Egypt, Lebanon, and Jordan, are expected to be impacted severely by the escalation of the Israel-Palestine war, with Egypt projected to lose up to 30% of its tourism receipts, S&P Global said in a report. As immediate neighbors of Israel and Gaza, Egypt, Jordan, and Lebanon are more vulnerable to a slowdown in tourism, given concerns about security risks, social unrest, and high external vulnerabilities, according to the report. Egypt’s tourism Loss of tourism revenue of 10%-30% could cost Egypt 4%-11% of foreign exchange reserves if the Central Bank of Egypt (CBE) were to intervene in…
Around 7,000 real estate units were delivered in Egypt during the third quarter of 2023, bringing the total residential stock to 262,000 units in major gated communities, according to a report by global real estate advisory firm JLL MENA, as Egypt’s government streamlines procedures for foreigners to buy residential properties. Investors are keen on exploring new opportunities or acquiring residential properties in Egypt for use as secondary residences or holiday retreats, the JLL MENA’s report on the Cairo Real Estate Market noted, which provided data on Egypt’s real estate in the third quarter of 2023. Nearly 9,000 units are anticipated…
Egypt’s Prime Minister Moustafa Madbouly officially opened four schools to mark the first phase of the Cosmic Village land development initiative. This collaborative effort between the country’s sovereign fund and the private sector aims to convert the unused Cosmic Village land into a comprehensive educational hub. The project, implemented through a partnership between The Sovereign Fund of Egypt (TSFE) and the private sector, aims to provide world-class, affordable education to middle-income Egyptian families, according to a statement issued in October. “The Cosmic Village’s school complex is considered as one of the development projects that are in line with the country’s…
Egypt’s Purchasing Managers’ Index (PMI) for the non-oil private sector sector fell to its lowest level in five months in October, S&P Global announced on Sunday. Accordingly, Egypt’s PMI inched down from 48.7 in September to 47.9 in October, indicating a moderate deterioration in the activity of the non-oil private sector. In its report on Egypt, S&P attributed this drop to the inflationary pressures that continued to affect demand conditions across the non-oil economy and drive weaker activity. Moreover, the report said that companies made cuts to both staffing and inventories for the first time in three months, although expectations…
Schneider Electric plans to boost its investments in the Egyptian market by $8.5 million (€8 million) in 2023, as part of its commitment to the local market, the company said in a statement on November 5. New investments involve expanding the Badr factory, the region’s largest, and adding new production lines covering a total area of 10,000 square meters. This expansion comes as an effort by the company to localize manufacturing and raise the percentage of local components, which currently stands at 40-60% for all low and medium-voltage products manufactured at the factory. These products are utilized in various sectors,…
The Central Bank of Egypt (CBE) has released its Balance of Payments (BoP) statement for the fiscal year 2022/2023, which demonstrates improvements in several sectors while revealing setbacks in others. Overall, the BoP indicates a significant turnaround, with the record revenues from tourism and the Suez Canal transforming a $10.5 billion deficit in the BoP for FY2022/2023 into a surplus of $882 million for FY2022/2023. According to the BoP data, Egypt’s tourism revenue saw a remarkable 26.8% year-on-year increase in FY2022/2023, reaching $13.6 billion. Additionally, Suez Canal revenue experienced a substantial 25.2% year-on-year growth, reaching an all-time high of $8.8…