Egyptian Banks' Assets, Reserves Abroad Jump 90% in 7 Months

Egyptian banks' assets, reserves abroad jump 90% in 7 months

The Egyptian banks' assets and reserves abroad jumped 90% by the end of November to record $19.2 billion compared to $10.2 billion in April, according to an official source at the(CBE) Central Bank of Egypt on Tuesday8/12/2020.

Meanwhile, Haytham Adel, the head of treasury at Industrial Development Bank of Egypt, said this rise reflects the good management of the Egyptian banking sector staff and their pre-emptive vision taken by CBE to avoid the Coronavirus negative ramifications.

Adel pointed out that the Egyptian banks' assets and reserves abroad returned to their previous record levels, a matter which reflects the success of the monetary policy.

MENA

More From: Egypt Online

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.