By: Islam Fadl
Cairo – Mubasher: The Egyptian banking sector has achieved a great milestone during the last few years, as the financial standing of banks operating in Egypt reached EGP 5.5 trillion, deputy chairman of the National Bank of Egypt Yehia Abu El-Fotouh stated.
Deposits at Egypt-based banks have exceeded EGP 4 trillion by the end of September, while credit facilities granted by those banks amounted to EGP 1.9 trillion, Abu El-Fotouh added.
The top official praised the monetary policy of the Central Bank of Egypt and the increase of the country’s foreign reserve to $45.1 billion, along with the central bank’s decision to cut interest rates three times in 2019.
