ICEC

Banque Du Caire Says US$ Dollar Continues to Jump With $1.5 bln Sept-End

 The size of US $ dollar deposits of Banque Du Caire hit $1.5 billion at the end of September 2013, compared to $1 billion at the end of last March.

Mohamed Taha, the Deputy Chairman of the bank, said in an exclusive to Amwal Al Ghad, there are many customers who converted their money into local currency , fearing from the continued decline of US $ dollar which registering now EGP 6.90 for buying and EGP 6.92 for selling, but this affair won’t affect the US $ dollar portfolios of the bank.

Banque Du Caire has portfolio deposits up around EGP 54 billion in the last June, recording EGP 4.9 billion increasing in compared with the last year.

Taha has explained that the bank is currently exporting foreign currency significantly, in compared to the last period which the bank resorted to import foreign currency in order to create a confidence between the bank and the customers.

Banque Du Caire is targeting to seize 8% of the market share of deposits and loans granted by the banking system over the next three years.

An official source in the Bank has emphasized to Amwal Al Ghad that the Bank’s department is aiming to raise the granted facilities and the loans portfolio for the customers to EGP 25.8 billion by the end of 2013.

The bank is reviewing with Misr Financial Investments Company (MFIC) to pump EGP 1.250 billion with EGP 1.6 billion capital within the current month.

The bank is intending to seize the entire profits of the previous year which reached EGP 830 million to be pumped in the capital and MFIC  is providing  EGP 400 million additional to meet  with the increase in capital.

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