A woman counts U.S. dollars at a money changer in Yangon May 23, 2013 - REUTERS
CAIRO - 14 January 2021: Balances of Egyptian banks abroad (apart from the Central Bank of Egypt (CBE) 's foreign reserves) jumped from $10 billion last April to $20 billion by the end of December, an official source at the CBE said.
In statements to MENA Thursday the source said, Egyptian banks’ balances abroad jumped during that period by up to 100 percent, equivalent to $10 billion, despite the repercussions of the coronavirus.
According to Haytham Adel, head of the Treasury and Money Markets Sector at the Industrial Development Bank, the leap reflects good management on the part of all in charge of the Egyptian banking sector, as well as the proactive vision the CBE has taken to spare the banking sector the repercussions of the current pandemic crisis.
He said the increase in foreign balances reflect the success of the monetary policy, being among most positive results of the economic reform program Egypt has implemented during the past years.
It is noteworthy that Egypt’s foreign exchange reserves rose at the end of last December, recording $40 billion with $850 billion increase .
Leave a Comment