Cairo - Mubasher: The Central Bank of Egypt (CBE) has decided to raise reserves requirement for banks from 10% to 14%, according to a statement.
The decision is effective beginning 10 October 2017.
The cash reserves ratio settled at 14% between 2001 and 2012, and was gradually lowered since January 2011 by 4%, until it reached 10% to support the Egyptian banking sector.
The CBE’s statements said that in light of the positive financial indicators for Egyptian banks that show an improvement in performance and profitability, which is reflected on fiscal and financial stability, it is now suitable to bring bank the reserves ratios to its previous levels.
