Last Update 20:45
Sunday, 17 November 2019

Egypt’s bank deposits reach EGP 4 trillion: CBE governor

Doaa A.Moneim , Thursday 3 Oct 2019
Amer
CBE governor Tarek Amer
Share/Bookmark
Views: 2230
Share/Bookmark
Views: 2230

The Central Bank of Egypt (CBE) Governor Tarek Amer said deposits in Egypt’s banking system totalled around EGP 4 trillion, 44 percent of which was used in the domestic market.

He stated at a CBE press conference on Thursday that Egypt had succeeded in restoring confidence in its economy through improvements in the CBE policy and its performance, adding that with investment flows, foreign reserves increased and the banking system became more stable with the elimination of the black market.

Amer pointed out that the latest CBE international reserves that reached $45.118 billion were the highest to be recorded. They reflected the better financial position of Egypt.

He also said that Egypt had taken significant steps in the financial inclusion policy which qualified it to chair the Alliance for Financial Inclusion.

“We saved the economy from collapsing with the support of the political leadership,” according to Amer.

Regarding the new banks law, Amer explained it was part of an integrated programme President Abdel-Fattah El-Sisi instructed the CBE to execute over the past three years.

He revealed the new law would enhance the CBE’s independence and improve governance basis in the CBE and Egypt’s banks. It would, in addition, maximise coherence and cooperation among the financial sector's supervising bodies.

Amer added the new law aimed at protecting Egypt’s banking system against financial crises, helping stumbling banks, and organising the supervision of payment services and financial technology.

He said that lending averages were weak in Egypt compared to other countries that made progress in this regard, clarifying that Egypt targeted increasing lending averages in the coming period.

“Unfortunately, Egypt’s economy is deprived of receiving funds in reasonable prices and in a suitable pace. To overcome this, we try to achieve competitiveness and increase funding rates, especially in small and medium-size enterprises (SMEs).

The cabinet approved the new banks law during its meeting on Wednesday.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.