GCC banks can take up shock of mortgage losses of as much as $ 45 billion as pandemic affect lingers: S&P

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CAIRO: The Central Financial institution of Egypt on Sunday issued treasury payments value EGP 19 billion ($ 1.21 billion) on behalf of the finance ministry.

Governments resort to financing funds deficits by providing bonds and treasury payments as debt devices, and public banks are their largest consumers.

Treasury payments are short-term debt devices with maturities starting from three months to 1 yr.

On its web site, the Central Financial institution of Egypt confirmed that the worth of the primary provide was EGP 11 billion for a interval of 91 days, whereas the second provide can be EGP 8 billion for a interval of 266 days. .

Central financial institution revenues from loans and balances with banks, along with proceeds from treasury payments and bonds, elevated from EGP 26.51 billion to a report EGP 145.387 billion within the fiscal yr ended. June 30, 2019, in comparison with EGP 118.875 billion for the earlier yr.

Monetary statements confirmed that the central financial institution had elevated its revenue from loans and financial institution balances to EGP 18.7 billion on the finish of June 2019, from EGP 11.6 billion on the finish of June 2018.

NBE growth plans

The Nationwide Financial institution of Egypt (NBE) plans to launch a subsidiary in South Sudan and a department in Saudi Arabia, stated Vice President Yehia Abou El-Fettouh.

In an official assertion, El-Fettouh stated the NBE had obtained the required approvals from the Central Financial institution of Egypt to launch an affiliate financial institution in South Sudan with a capital of round $ 30 million, including that the approval would quickly be granted by South Sudan.

The Central Financial institution of Egypt additionally approved the NBE to open a department in Saudi Arabia, he stated, including that the necessities of the Kingdom’s regulatory authorities have been being finalized.

El-Fettouh stated the NBE is in search of to consolidate its presence in rising markets, notably in Africa, which is according to Egypt’s objective of bettering financial and commerce relations within the area. .



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