Banking sector holds over LE 1T of cash liquidity: CBE

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Mon, 27 Apr 2020 - 11:53 GMT

Press Photo -Tarek Amer, Governor of the Central Bank of Egypt

Press Photo -Tarek Amer, Governor of the Central Bank of Egypt

CAIRO - 27 April 2020: Egypt's cash reserves could help absorb the economic shocks caused by the coronavirus pandemic for one or a couple of years, Governor of the Central Bank of Egypt (CBE) Tarek Amer said on Sunday.

Addressing a press conference held by Prime Minister Mostafa Madbouli and the ministerial economic group, Amer noted that the Egyptian banking sector holds over LE 1 trillion of cash liquidity.

This gave a boost to both the public and private sectors during the coronavirus crisis, Amer noted.

It also helped citizens to get access to various financial services, including finance and saving services, he pointed out.

The IMF is keen to go ahead with the new program of cooperation with Egypt, which lasts only for one year, Amer noted.

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