CBE Governor: Egypt’s Banking System Enjoys High LiquiditySource: www.export-egypt.com 10/19/2019, Location: Africa |
|
|
|
|
|
Central Bank of Egypt Governor Tarek Amer said that the Egyptian banking system enjoys high liquidity, with a loan-to-deposit ratio standing at 44%.
Addressing the Institute of International Finance in Washington, he said Egypt has been able to reduce non-performing loans to less than 5%, and the CBE is now leading a major effort to digitalize financial services and has a large financial inclusion program. He said he is glad that promises made to the Egyptian people have been fulfilled, adding, "We were aware that the Egyptian economy has a lot to offer and that it has not been dealt with in a fair way in the past." He pointed out that the CBE was very transparent in providing information to the authorities and the Egyptian people. He stressed that the central bank was frank in revealing to the decision-makers in the country the real problems facing the national economy and how the bank dealt with them in a different way from the past. He added that the Central Bank's plan for the recovery of the Egyptian economy aimed to achieve long-term goals, noting that the results have been good and quickly put Egypt in a different position. The central bank governor reaffirmed that Egypt’s economy is picking up and enjoying safety, promising that the result of the progress achieved may have not been easily seen in the balance of payments right now but it will be clearly visible later on. He said that the Egyptian minister of petroleum has just told him that US energy giant Exxon Mobil will strengthen its presence in Egypt by pumping more investments into projects in the Egyptian market. He shed light on the efforts exerted by the bank to digitalize financial services and press ahead with the county’s plans for expanding financial inclusion and modernizing the payments system, noting that Egypt now has a banking system that is strong and flexible and has legislation that will bring about more accountability to the banking system and the central bank in addition to a new streamlined licensing mechanism as well as better consumer protection regulations. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
