The current financial position of the US-based Silicon Valley Bank has no negative impacts on the Egyptian banking sector, the Central Bank of Egypt (CBE) confirmed in a statement on March 12th.

The CBE added that Egyptian banks do not have any deposits, investments, or financial transactions with Silicon Valley Bank.

On March 10th, Silicon Valley Bank collapsed, leaving billions of dollars belonging to companies and investors trapped.

The Federal Deposit Insurance Corporation (FDIC) of the US said that the head office in California and all branches of Silicon Valley Bank would reopen on March 13th.

FDIC added that banking activities would resume no later than Monday, March 13th, including online banking and other services, after which all insured depositors will have full access to their deposits.

The FDIC will also pay uninsured depositors an advance return within a week, with uninsured depositors to get a receivership certificate for the remaining amount of their uninsured funds.


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