Banks played key role in economic reform process: Egypt’s NBE official

Vice President of the National Bank of Egypt (NBE) Yehia Abul Fotouh asserted here Tuesday that banks play a key role in the economic reform process.

Addressing the opening session of the “People and Banks” conference on the role of banks in supporting e-payment system, Abul Fotouh said that the banking sector assets hit around 5.1 trillion pounds in July 2018. Banks continue to play their role in supporting the economy at this current important stage where structural reforms are taking place, he said.

The Egyptian economy has reached tangible results through economic growth which stood at around 5.4 percent in the previous fiscal and is expected to reach 5.6 percent this fiscal year, he said.

Banks have large amounts of cash as deposits of clients in this sector are estimated at 3.6 trillion pounds and loans at 1.6 trillion pounds, he pointed out.

The National Bank of Egypt pumped around 27.3 billion pounds to around 29,000 clients to fund small and medium-sized enterprises, he added.

Source: MENA