PHOTO
CAIRO: The total value of net assets that Egyptian banks held abroad in foreign currencies rose to $20 billion in February, compared to $10 billion in April 2020, according to an official from the Egyptian Central Bank (ECB).
The official said the increase in value was achieved despite the impact of the coronavirus pandemic.
Haitham Adel, who is the head of treasury capital markets at the Industrial Development Bank, said the rise reflected the strength of the Egyptian banking sector and that the amount was in addition to the $41 billion held by the ECB in foreign currencies.
He added that ECB policies since 2016 had succeeded in supporting the country’s banking sector, as the amount in foreign currencies before the liberalization of the exchange rate was equivalent to $14 billion.
Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
