Press Photo -Tarek Amer, Governor of the Central Bank of Egypt
CAIRO – 23 November 2017: Initial Public Offerings (IPOs) of banks will be offered in the second half of 2018, Governor of the Central Bank of Egypt (CBE) Tarek Amer said Thursday.
In a conference organized by the Union of Arab Banks (UAB) in Beirut, Amer said that the CBE is controlling inflation rates in order to reach 13 percent in the second half of 2018.
The governor also disclosed plans to issue smart cards for all subsidized products and services in 2018.
Amer said that the CBE, along with the banks operating in the Egyptian market, have saved $150 billion in two years.
“These funds are used to secure Egypt’s imports, repay Arab debts and outstanding receivables of foreign oil companies,” Amer added.
On the sidelines of the conference, deputy governor of CBE Gamal Negm told Egypt Today that the central bank will not issue licenses for new banks.
“After adopting the economic reform program, banks have become stronger and able to support the economy with the needed liquidity,” Negm added, noting that the CBE welcomes banking acquisitions.