By: Ahmad Abu el-Hamd
The deputy governor of the Central Bank of Egypt (CBE), Gamal Negm, said that the banking sector grew by 60% in the fiscal year that ended 31 December 2016.
The deputy governor of the Central Bank of Egypt (CBE), Gamal Negm, said that the banking sector grew by 60% in the fiscal year that ended 31 December 2016.
Negm added in a statement on Tuesday that the banks’ initial financial statements show the stability of the Egyptian banking sector and its ability to deal with recent economic reforms, including the CBE decision to float the pound.
The banks’ profits went up to around EGP 56 billion in the year 2016, Negm indicated, adding that Capital Adequacy Ratio (CAR) registered 14.9% compared with an established minimum of 10.625%.
The deputy governor also noted the high liquidity levels that help in providing the adequate needed finance to different economic projects, which helps the banking sector contribute to achieving the targeted economic growth rates.