May 25, 2021

Egypt Banks’ foreign currency assets rise to $20bn


The official said the increase in value was achieved despite the impact of the coronavirus pandemic

CAIRO: The total value of net assets that Egyptian banks held abroad in foreign currencies rose to $20 billion in February, compared to $10 billion in April 2020, according to an official from the Egyptian Central Bank (ECB).

The official said the increase in value was achieved despite the impact of the coronavirus pandemic.

Haitham Adel, who is the head of treasury capital markets at the Industrial Development Bank, said the rise reflected the strength of the Egyptian banking sector and that the amount was in addition to the $41 billion held by the ECB in foreign currencies.

He added that ECB policies since 2016 had succeeded in supporting the country’s banking sector, as the amount in foreign currencies before the liberalization of the exchange rate was equivalent to $14 billion.

arabnews


Categories : banking

Finance & Economy

EGX30 to test its strength by breaching 10,000 points level this week

2021-06-13 07:00:00

The Egyptian Exchange (EGX) aims to test its ability to rise above the 10,000 points level, and continue trading above this level"...
Read More

M.B Engineering's standalone profit drop...
June 13, 2021
Egypt denies price hike of 90 strategic ...
June 13, 2021

Latest News



banking

EBRD to lend QNB Al Ahli $50M
June 10, 2021
Deutsche Bank optimistic about Egyptian ...
June 9, 2021
KAL Is Publishing Free, Open Source XFS ...
June 9, 2021