Egyptian Banks Research Articles

Islamic Banking and Credit Policies in the Sadat Era: the Social Origins of Islamic Banking in Egypt

In 1971 President Sadat charted a new course for the Egyptian economy, away from the socialism of the Nasser era and towards greater encouragement for the development of the private sector and investment by private individuals and companies, whether Egyptian or foreign. Starting gradually, the process of liberalisation gained momentum in the mid-70s. The most important landmark of the new policy came in 1974, when Law 43 of that year was enacted to give major incentives to both foreign and Egyptian private capital to invest in Egypt. One of the most striking consequences of the Inhtah, or open-door policy, was the sudden proliferation of banks, beginning in 1974. lEreviously, there had been in the Egyptian bag system only the four nationalised banks the Bank Misr, the Bank of Alexandria, the Bank of Cairo, and the National Bank of Egypt-and a small number of specialised banks dealing with mortgages, co-operative credit, social security, and the like. In addition to these and operating administratively as foreign banks outside the nationalised banlig system were the Arab African Bank and the Arab Internanonal Bank for Trade and Development. In a special category there was the new Nasser Social Bank, founded in 1971. Of course there was also the Central Bank of Egyptj which like central banks elsewhere, was the banker's bank, controller of the volume of credit, custodian of the buLk of government funds, and the government's agency and adviser in financial matters. After 1974 these organisations were quickly joined by dozens of new banks, which included several private banks as well as banks that were joint ventures between the naiionalised Egypiian banks and foreign partners. In 1980, various new banks were being set up, and it was apparent that the Sadat goverrunent viewed the continued expansion and development of banking as an important component of Egypt's econoniic transformaiion.

Money and Banking in Egypt, 24-25 March 1986 MEED Conferences

Money and Banking in Egypt, 24-25 March 1986 MEED Conferences

Interest Rates and Foreign Capital in Egypt Under British Occupation

My archival studies in Egyptian banks reveal that nominal interest rates charged by foreign financial capital in Egypt fell strongly as compared with European rates throughout the period 1882–1914. Interest differentials declined by 2 to 2 ½ percent. This is explained by the increasing confidence of European investors with British occupation and policies. To explain the large inflow of financial capital after 1900 a sharp decline in real interest rates, related to the upsurge of agricultural prices, is posited. The case offers interesting parallels to present-day problems of excessive indebtedness in Third World countries.

THE DETERMINATION OF THE STOCK OF MONEY AND THE PROMOTION OF ECONOMIC ACTIVITIES IN EGYPT*

THis STUDY HAS two objectives: (a) investigation of the factors determining the stock of money in Egypt under two monetary systems -the Sterling Exchange System, which operated from 1916 to 1947, and the new monetary arrangements enacted in 1948-51, and (b) investigation of Egypt's twin problems-economic poverty and economic instability-in terms of the bearing of the operation of the Sterling Exchange System and the extent to which the new monetary system might contribute to their solution. I. Under the operation of the Sterling Exchange System, the role of the National Bank of Egypt in controlling legal tender and commercial credit was passive. In wartime, expenditures of foreign troops were the predominant factor causing increases in the stock of money. The general rises in price levels which were caused by the increases in the stock of money were tempered by the decline in its velocity of circulation. Military spending and money creation took the course of a money-pricemoney spiral. In the interwar period, the demand for money was conditioned by (a) changes in the trade balance, (b) changes in cotton values, which were the major determinants of the banks' advances, and (c) a galaxy of other factors influencing the banks' investments. II. The new monetary arrangements of 1948-51 virtually delegated the monetary control to the state. They equipped the National Bank of Egypt with weapons to control commercial credit. However, the most effective practical weapon of the new central bank is the variation of the compulsory reserve ratios. The new monetary system has tended to free the money supply from the trade balance and to insulate the Egyptian capital and money markets from markets elsewhere. III. Combined with adverse social conditions, the low real per capita income and the low productivity of the Egyptian economy

Bank of Ethiopia v. National Bank of Egypt and Liguori.

Recognition — Of Conquest — De facto Recognition — Conflict of Jurisdiction of De jure and De facto Governments — Rights and Authority of Government Recognised De facto — How far comparable with Rights of Army of Occupation — Retroactivity of Recognition

The Charter of the Bank of Egypt (19 Vict. - 1856)

The Charter of the Bank of Egypt (19 Vict. - 1856)

Bank of Ethiopia v. National Bank of Egypt and Liguori

Bank of Ethiopia v. National Bank of Egypt and Liguori