Egyptian Banks Won’t Go Through Cyprus Banking Experience; CBE Governor Affirms

The Egyptian banking sector is one of the strongest sectors in the country as it successfully overcame the latest crisis, Hisham Ramez, Governor of the Central Bank of Egypt (CBE), said.

During an interview with Hona Al Assema TV talk show host, he revealed that banks achieved the highest growth rates in 2012, despite the political turmoil. Banks in Egypt will not go bankrupt as happened in Cyprus, he affirmed.

Ramez denied that banks are focusing their investments in government debt instruments to achieve high profits as they are rather investing the surplus of deposits in these instruments.