The Arab African International Bank (AAIB) delivered a strong set of results during 2023, with a growth of over EGP 100 billion in local currency deposits, a strong 82% YoY growth rate
Additionally, Islamic banking now comprises roughly 4% of the Egyptian banking sector’s total volume.
The CBE's bold decision on Tuesday to raise interest rates by 6% sent and allow the weakening of the EGP sent shockwaves through the economy, triggering a series of significant events that is expected to shape the financial landscape in the days to come
The CBE announced that Egypt’s financial inclusion rate reached 70.7% by the end of 2023, compared to 64.8% in December 2022, signaling an overall growth rate of 174% during from 2016 to 2023
The unnamed source cited by Ashraq Bloomberg said it was natural to cancel the T-bonds offers “when the return rate exceeded 25% from banks.”
