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