Banking Sector
The new service will be provided through the Digital Financial Identity Company, to which the Central Bank of Egypt contributes a 55 percent share of the company’s capital, which amounts to 500 million pounds.
The CBE is still studying whether remittances transferred via InstaPay will be credited to Egyptian accounts in local or foreign currency
MPED minister El-Said met with the bank’s executive team on Wednesday, reviewing several economic development files such as the National Program for Economic Reforms
According to CBE’s report, Egypt’s money supply, consisting of cash circulating outside the banking system and demand deposits in local currency, has risen to LE 2.097 trillion
The banking sector saw a record net foreign liability position of $14 billion at the end of March 2023, with Fitch writing that “banks' ability to build up foreign assets was hampered by tight FC liquidity and the sovereign's high gross external financing requirements”
The report also reveals that the total non-governmental deposits in local currency in banks increased to LE 5.614 trillion in March 2023, up from LE 5.411 trillion in December 2022, representing a growth rate of 3.8 percent
This confirms the ability of the banking sector to cover pending currency requests for importers as soon as possible.
The total investments of banks in securities and investments in treasury bills amounted to LE 3.549 trillion at the end of March 2022, compared to LE 3.324 trillion at the end of December 2021.
Moody's expects the Egyptian economy to grow 5.5 percent in the current fiscal year 2022-2021.
The new instructions come in light of the Central Bank of Egypt’s keenness to achieve financial inclusion and to include all groups, especially people with disabilities in the banking sector.
The meeting addressed lands in Egypt’s governorates, which are owned by government banks, the assets of which were discussed in detail.
CBE stated in a statement, that the working hours for the public will be from 9:30 in the morning until 1:30 in the afternoon.
This came at the concluding session of the forum held under the auspices of the Central Bank of Egypt (CBE). The three-day event was organized by the Union of Arab Banks (UAB).
The conference will tackle the latest developments concerning the banking industries as well as shedding light on opportunities and challenges facing these industries after the COVID-19 pandemic.
The Bank has also provided $300 million to the National Bank of Egypt to support activities aimed at expanding intra-African trade.
On Sunday, the local market received $367 million, the source added.
Current monetary policies adopted by the US have positively reflected on the performance of the national Egyptian economy, Amer noted.
They reviewed activities of the banking sector and its role in funding investment movement in Egypt, Presidency Spokesman Bassam Radi said.
Egypt has the ability to bring 44 million citizens to the formal financial sector, according to analyses conducted by the World Bank.
(CBE) Tarek Amer encouraged Egyptian banks Tuesday to launch headquarters and carry out effective roles in the new Administrative Capital.
