Banking System
The agency explained that it took this decision in light of the fall of three banks, which prompted regulators to intervene on Sunday, with a plan to rescue depositors and other institutions affected by the crisis.
In a report released on Tuesday, the IMF said that the Egyptian banking system is liquid and well capitalized, with strong profitability and asset quality.
This came after holding a number of online meetings between the members of the IMF mission and representatives of CBE from June 15 until June 29.
All indicators reflected the ability of the Egyptian state to cross the repercussions of the coronavirus in order to maintain the stability of its financial and monetary indicators according to the figures and data of the balance of payments for 2019/2020.
The system was liquid, profitable, and well capitalized heading into the crisis, but risks around banks’ loan portfolios, capital costs, and profitability have increased due to the economic slowdown.
The new offices come as part of the bank’s expansion plan in Asian and African countries, with the aim of increasing Egypt’s bilateral trade with them.
The volume of market liquidity recorded LE 2.7 trillion at the end of April 2017.
