Egypt's state banks offer dollar-deposit certificates to ease hard currency shortage

STORY: Egypt's state banks offer dollar-deposit certificates to ease hard currency shortage DATELINE: July 26, 2023 LENGTH: 00:00:48 LOCATION: Cairo CATEGORY: SOCIETY/ECONOMY SHOTLIST: 1. various of U.S. dollars 2. various of the National Bank of Egypt (NBE) and Banque Misr STORYLINE: Egypt's two state-owned banks issued Tuesday high-interest U.S. dollar-deposit certificates to lure hard currency back into the country's financial system. On their Facebook pages, Banque Misr and the National Bank of Egypt said they are offering a three-year dollar-denominated deposit certificate with 9 percent annual interest to be paid upfront in Egyptian pounds. Both banks also offer another three-year dollar deposit certificate with 7 percent interest paid quarterly in dollars. It will allow depositors to receive a loan equal to half its value with a maximum of 10 million pounds (about 324 dollars). A deposit of 1,000 dollars is the minimum sum for buying a certificate, the two banks added. The Egyptian local curren

Hundreds of Lebanese protest against deposits loss

STORY: Hundreds of Lebanese protest against deposits loss DATELINE: May 10, 2023 LENGTH: 00:01:02 LOCATION: Beirut CATEGORY: ECONOMY SHOTLIST: 1. various of protesters burning tires to protest near the parliament 2. various of people protesting in Lebanon STORYLINE: Hundreds of Lebanese on Tuesday took to the streets to protest against losing their bank deposits. Protesters burned tires near the Lebanese parliament, chanted slogans, and clashed with security forces. "We are lawyers, engineers, and academics, not rioters, but we can no longer endure the current situation," representatives of the depositors' association said in a statement. Charbel Massaad, a member of parliament (MP) who participated in the protests, said: "We will not accept that depositors live in humiliation." Melhem Khalaf, another MP, called for the election of a president for Lebanon and the formation of a government to solve the country's crisis. Lebanon has been facing an unprecedented financial crisis amid a shortage of foreig

Fallout from collapse of U.S. banks causes more trouble in Europe

STORY: Fallout from collapse of U.S. banks causes more trouble in Europe DATELINE: March 16, 2023 LENGTH: 00:00:52 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of the banks in Rome 2. various of U.S. dollar and Euros STORYLINE: Banking giant Credit Suisse lost nearly a fourth of its value Wednesday, amid the growing fallout from the collapse of two regional banks in the United States. New York-based Signature Bank was shut down Sunday by state regulators, two days after California's Silicon Valley Bank (SVB) collapsed as depositors rushed to withdraw funds. Wednesday marked the second time in three trading sessions since the U.S. bank failures, that European financial stocks were severely battered. Nevertheless, the dramatic impact on Credit Suisse in trading Wednesday was largely unexpected, since the institution is so large. According to 2022 data from Insider Intelligence, Credit Suisse was the second-largest bank in Switzerland and the 17th-largest in Europe, with an estimated 730 billion

Moody's downgrades outlook on U.S. banking system to negative

STORY: Moody's downgrades outlook on U.S. banking system to negative DATELINE: March 15, 2023 LENGTH: 00:01:01 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of banks in the U.S. STORYLINE: Rating agency Moody's slashed its outlook on the entire U.S. banking system to negative in the wake of recent bank turmoil in the country. Moody's said the move was made to "reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY." Although U.S. authorities have stepped in to shore up deposits at SVB and SNY to restore confidence in the banking system, the rating firm said other institutions with unrealized losses or uninsured depositors still could be at risk. Moody's said it expects pressure on the U.S. banking sector to persist as the Federal Reserve continues to hike interest rates to combat inflation. The firm also projected the U.S. economy to fall into recession

U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse

STORY: U.S. regulators close New York's Signature Bank following Silicon Valley Bank collapse DATELINE: March 14, 2023 LENGTH: 0:00:52 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of Signature Bank STORYLINE: New York-based Signature Bank, a key lender in the crypto industry, was shut down Sunday by state regulators over a "similar systemic risk exception." This is according to a joint statement by the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). The move came two days after California's Silicon Valley Bank (SVB) collapsed as depositors rushed to withdraw funds. Regulators promised that all depositors of Signature Bank "will be made whole," and "as with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer." The authorities also said "shareholders and certain unsecured debtholders will not be protected." Founded in 2001, Signature Bank is a New York state-chartered commercial bank. Xinhua News Agency c

Tunisia sees more zero-balance savers with soaring household expenses

STORY: Tunisia sees more zero-balance savers with soaring household expenses DATELINE: Feb. 23, 2023 LENGTH: 00:00:52 LOCATION: Tunis CATEGORY: ECONOMY SHOTLIST: 1. various of Tunisian central bank 2. various of several banks in Tunis 3. various of street view in Tunis STORYLINE: The Tunisian central bank stated in mid-February that since 2021, the consumption expenditure of ordinary households has continued to rise, and more than 60 percent of families in the country have loans from more than one bank. The central bank said that due to the high pressure of life, people withdraw money immediately after paying wages and more and more depositors have zero account balances. In recent years, Tunisia's economic situation has been deteriorating while the prices have continued to rise. Inflation has repeatedly hit new highs, and the purchasing power of ordinary people has dropped sharply. According to the Global Risk Report 2023 released by the World Economic Forum, Tunisia will face debt crisis, shortage of d

Cyprus financial crisis

Cyprus financial crisis

NICOSIA, Cyprus - Customers line up at a bank automated teller machine in central Nicosia, Cyprus, on March 20, 2013. Depositors can withdraw limited amounts of cash at ATMs while banks remain closed pending Cyprus' efforts to secure a bailout amid its financial crisis.

Failed Incubator Bank starts refunding depositors

Failed Incubator Bank starts refunding depositors

TOKYO, Japan - Depositors enter the failed Incubator Bank of Japan's head office in Tokyo's Chiyoda Ward on Sept. 13, 2010, as the bank started the procedure to refund depositors at some of its branches under the deposit protection scheme, which caps the value of refund payments.

Gov't scraps full guarantee on time deposits

Gov't scraps full guarantee on time deposits

TOKYO, Japan - The Japanese government on April 1 abolished the full guarantee for time deposits in the event of a bank failure in a move that will force depositors to be much more choosy about where they place their hard-earned cash. An unidentified depositor listens to an explanation about the financial state of Jonan Credit Bank in Tokyo on April 1.

Entrepreneur, bankers' macroeconomic heat indexes improve quarter on quarter: China's central bank surveys

STORY: Entrepreneur, bankers' macroeconomic heat indexes improve quarter on quarter: China's central bank surveys DATELINE: Oct. 10, 2022 LENGTH: 00:01:05 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of China's central bank 2. various of Chinese banks 3. various of mansions STORYLINE: Surveys conducted by China's central bank found that both the entrepreneur and bankers' macroeconomic heat indexes, reflecting the two groups' judgement on the current macroeconomic situation, improved quarter on quarter. In the July-September period, the entrepreneur macroeconomic heat index stood at 26.9 percent, while the bankers' macroeconomic heat index reversed a downward trend to reach 19.9 percent, up 2.1 percentage points from the second quarter. The central bank said that of the over 5,000 industrial companies surveyed nationwide, 52.2 percent considered the macroeconomic climate "normal." After surveying some 20,000 depositors in 50 cities across the country, the central bank found more urban residen

Lebanese banks return to work amid strict security measures after recent raid incidents

STORY: Lebanese banks return to work amid strict security measures after recent raid incidents DATELINE: Sept. 28, 2022 LENGTH: 00:01:24 LOCATION: Beirut CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of cars passing by Fransabank in Hamra 2. various of people standing outside Fransabank in Hamra 3. various of a client and a member of security forces standing outside the bank 4. various of people speaking to bank employees STORYLINE: Ten days after an unprecedented wave of bank raids by angry depositors, Lebanese commercial banks returned to work on Monday by adopting strict security measures and restrictions. Depositors waited for long hours in the hope of being able to withdraw their salaries with some people clashing with security forces deployed to protect banks and prevent new raids. People expressed their distress for not being able to withdraw their money properly due to the closure of most of the banks' branches all over the country. Lebanon has been facing an unprecedented financial crisis du

Lebanon to adopt strict security measures after bank raids

STORY: Lebanon to adopt strict security measures after bank raids DATELINE: Sept. 18, 2022 LENGTH: 00:03:24 LOCATION: Beirut CATEGORY: SOCIETY SHOTLIST: various of the meetingSOUNDBITE (Arabic): BASSAM MAWLAWI, Lebanese Interior Ministervarious of the security force STORYLINE: Security forces will take strict measures amid mounting security concerns after a number of bank raids carried out by angry depositors demanding their savings, Lebanese Interior Minister Bassam Mawlawi said on Friday. Mawlawi made the remarks during a press conference at the Interior Ministry, where security agencies were present to discuss the measures to keep the country safe and stable. SOUNDBITE (Arabic): BASSAM MAWLAWI, Lebanese Interior Minister "Depositors should be aware not to be enticed by anyone to destroy the security situation in the country or the system due to political reasons, or to implement agendas that may hinder the security situation of the country. It started with banks but we don't know where it will end.

Lebanese protest against capital control law

STORY: Lebanese protest against capital control law DATELINE: April 20, 2022 LENGTH: 00:02:56 LOCATION: Beirut CATEGORY: SOCIETY SHOTLIST: 1. various shots for people holding flags and protesting 2. SOUNDBITE(Arabic) 1: HOUSSAM BOUTAYEH, Lawyer 3. various shots for people holding flags and slogans 4. SOUNDBITE(Arabic) 2: ALAA KHORSHID, Depositor 5. various shots for people protesting STORYLINE: Bank depositors gathered on Tuesday morning in Beirut Downtown to protest against the capital control draft law. Protesters held flags and chanted slogans against banks and their "unfair restrictions and practices." Protesters also prevented some deputies from arriving at Parliament for a joint parliamentary session for the Finance and Budget Committee to discuss the bill, which will introduce exceptional and temporary restrictions on bank withdrawals. The draft law on capital control aims to legalize and standardize banking restrictions put in place at the beginning of the economic crisis in 2019. The capital

Gov't scraps full guarantee on time deposits

Gov't scraps full guarantee on time deposits

TOKYO, Japan - The Japanese government on April 1 abolished the full guarantee for time deposits in the event of a bank failure in a move that will force depositors to be much more choosy about where they place their hard-earned cash. An unidentified depositor listens to an explanation about the financial state of Jonan Credit Bank in Tokyo on April 1.

Failed Incubator Bank starts refunding depositors

Failed Incubator Bank starts refunding depositors

TOKYO, Japan - Depositors enter the failed Incubator Bank of Japan's head office in Tokyo's Chiyoda Ward on Sept. 13, 2010, as the bank started the procedure to refund depositors at some of its branches under the deposit protection scheme, which caps the value of refund payments. (Kyodo)