Banks
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.
The decision shall take effect as of next Sunday, May 17, the federation said in a statement Monday.
This gave a boost to both the public and private sectors during the coronavirus crisis, Amer noted.
Deputy President of the Banque Misr Akef el Maghrabi said the bank had LE 28 billion from 117 thousand clients.
Banks will be open from 9:30 a.m. until 1:30 a.m. until the evening curfew ends.
The source said the decision came in light of a trend by all international central banks to down the interest rate on dollars.
Governmental deposits decreased LE 10.6 billion to reach LE 602.9 billion in the end of January, compared to LE 613.5 billion in December 2019.
At the Central Bank of Egypt, the dollar rate went up by one piaster to register LE 15.66 for buying and LE 15.78 for selling.
The source told MENA that banks will be back to work on Sunday.
