Individuals, corporate assets in banks reach LE 5T: Amer

CAIRO – 29 April 2018: Individual and corporate assets in Egypt’s banks amount to LE 5 trillion, Governor of the Central Bank of Egypt (CBE) Tarek Amer said on Sunday.

Addressing a conference on financial technology (Fintech) creations in Cairo, Amer said that the foreign currency market was “chaotic” and has negatively impacted investment, adding that this has now become “a thing of the past”.

Amer said that Egypt’s banking sector is “safe” and that the CBE’s mission is to improve the economic situation and implement precautionary measures.

He further said that the banks law will be presented to the CBE’s board of directors on Monday, saying that changes have taken place in the board of directors of 12 banks and in other executive departments of nine banks.

Amer added that microfinancing through NGOs reached LE 11.5 billion, with this figure reaching LE 30 billion.

Reserves at the CBE reached $42.611 billion at the end of March, a rise of nearly $87 million, compared to $42.524 billion at the end of February, surpassing pre-revolution levels.

Reserves at the Central Bank have been increasing ever since Egypt floated its local currency and clinched a $12 billion loan deal from the International Monetary Fund (IMF) in late 2016.

Egypt is implementing a bold economic reform program that includes cutting subsidies and introducing new taxes in a bid to curb the budget deficit.