Egyptian banks' assets, reserves abroad jump 90% in 7 months

CAIRO - 8 December 2020: The Egyptian banks' assets and reserves abroad jumped 90% by the end of November to record $19.2 billion compared to $10.2 billion in April, according to an official source at the Central Bank of Egypt on Tuesday. 

Meanwhile, Haytham Adel, the head of treasury at Industrial Development Bank of Egypt, said this rise reflects the good management of the Egyptian banking sector staff and their pre-emptive vision taken by CBE to avoid the coronavirus negative ramifications. 

Adel pointed out that the Egyptian banks' assets and reserves abroad returned to their previous record levels, a matter which reflects the success of the monetary policy.