15 November 2019 10:56 PM

CBE governor: Egypt’s banking system enjoys high liquidity

Saturday، 19 October 2019 - 01:49 PM

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.

MENA

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