CBE governor: Egypt’s banking system enjoys high liquidity

Sat, Oct. 19, 2019
CAIRO - 19 October 2019: The central bank governor reaffirmed that Egypt’s economy is picking up and enjoying safety, promising that the result of the progress achieved may have not been easily seen in the balance of payments right now but it will be clearly visible later on.

He said that the Egyptian minister of petroleum has just told him that US energy giant Exxon Mobil will strengthen its presence in Egypt by pumping more investments into projects in the Egyptian market.

He shed light on the efforts exerted by the bank to digitalize financial services and press ahead with the county’s plans for expanding financial inclusion and modernizing the payments system, noting that Egypt now has a banking system that is strong and flexible and has legislation that will bring about more accountability to the banking system and the central bank in addition to a new streamlined licensing mechanism as well as better consumer protection regulations.
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