Banks
It added that large private-sector banks are better-placed to withstand currency depreciation than the two largest public-sector banks, National Bank of Egypt (NBE) and Banque Misr (BM), due to their higher regulatory capital buffers.
The capital of the five major banks amounted to about LE 109.599 billion, accounting for 47.6 percent of the total banks' capital amounting to LE 229.834 billion at the end of last March.
The financial stability report issued by the CBE showed that the growth rate of these settlements amounted to 50 percent during 2020 on an annual basis.
Cairo has shown an early interest in supporting this sector, Etreby acknowledged, noting that this started even before the coronavirus pandemic.
During his meeting with CBL Governor Saddek Omar Elkaber, the US diplomat encouraged the bank's team to abide by transparency while carrying out the reunification process.
The stock market will also be closed on the same day.
At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording LE 15.64 for buying and LE 15.74 for selling.
CBE’s data indicated that the activity’s revenues amounted to LE 117.296 billion during the first 3 months of 2021, while total expenditures recorded about LE 87.305 billion.
Fitch expected continued pressure on operating profitability due to lower interest rates and higher loan impairment charges as borrower support measures end.
The balance sheets of the banks working in Egypt, except CBE, have risen to EGP 7.022 trillion by the end of December 2020, up from EGP 5.856 billion by the end of December 2019.
The dollar price registered LE 15.56 for buying and LE 15.66 for selling at eight banks.
‘The stable 2021 outlook for Egypt's banking system balances profitability and loan book pressures against sound liquidity and a stable government credit profile,” it stated.
CBE attributed the decision in a periodic book on its website to strengthen the capital base of banks to face potential risks, as a result of the continuing crisis of the spread of the coronavirus.
The Egyptian banks' assets and reserves abroad returned to their previous record levels, a matter which reflects the success of the monetary policy.
The deal was signed in July, 2020.
The dollar price dropped from LE 15.99 for buying and LE 16.09 for selling on January 1 to LE 15.64 for buying and LE 15.74 for selling on October 31.
The dollar rate declined to LE 15.88 for buying and LE 15.98 for selling at 11 banks.
"We have the right, as a country, to license gas-powered cars only and to stop licensing new cars that run on gasoline," He added.
The source added that all precautionary measures will be applied to prevent the spread of the pathogen.
The pan-European STOXX 600 index fell 1.1 percent by 0710 GMT, with banks proving a drag after a slew of negative updates.
