Latest news with #localBanks
Bloomberg
24-05-2025
- Business
- Bloomberg
Turkish Central Bank Tightens Screws on Cheap Lira Window Abroad
Turkey's central bank raised the reserve requirement ratios on banks' short term liabilities abroad in a bid to discourage local banks from seeking cheap lira from offshore markets. The bank early Saturday raised the reserve requirement ratio to 18% for maturities as long as 1 month in lira-denominated funds from repo transactions and loans obtained from abroad, and to 14% for maturities as long as 3 months. Previously, the reserve requirement ratio was 12% for maturities of as long as 1 year for repo transactions and loans abroad.
Zawya
08-05-2025
- Business
- Zawya
Egypt's railway authority to borrow $494mln to fund projects: Report
State-owned Egyptian Railways Authority plans to borrow nearly 25 billion Egyptian pounds ($493.60 million) from a consortium of local banks to fund a package of projects and finalise ongoing ones, according to a news report. The loan will be guaranteed by the Ministry of Finance, Ashraq Business reported, citing unnamed sources. The funds will be used to develop and renovate train tracks and complete the development of operating systems on the main tracks linking the governorates of Upper and Lower Egypt. Additionally, funds would be used to renew maintenance contracts with foreign companies for rolling stock and locomotives. Egypt's railway network extends 9,570 km, serving 23 governorates and transporting 420 million citizens annually. (Writing by P Deol; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
