Egypt’s local-currency borrowing costs surged the most in three months after Moody’s Investors Service cut ratings of local banks due to their exposure to government debt and the central bank raised interest rates.
Egypt’s borrowing costs are set to drop as the slowest loan growth three years amid escalating political turmoil prompts banks to park funds in government notes, the Middle East’s top money markets fund manager said.
When two Egyptian banks refused to give Ahmed El-Rifai the dollars his digital media company needed to pay Facebook Inc. last month, he turned to a more reliable source: the black market at a premium of about 8 percent.
Tarek Amer, chairman of National Bank of Egypt, comments on the changing political and economic environment in the North African country one year after a popular uprising ended the 30-year rule of Hosni Mubarak.
Sudan’s central bank gave a license to the National Bank of Egypt to operate in the African country, Central Bank Governor Mohamed Khair al-Zubair told parliament today in Omdurman, a suburb of the capital, Khartoum.