Egypt banks have EGP 4 trillion worth of ‘not fully utilised’ deposits, savings – official

Banks in Egypt have a total of 4 trillion Egyptian pounds ($253.9 billion) in deposits and savings, which are not fully utilised, said the country’s central bank governor Tarek Amer on Tuesday.
Speaking at a parliamentary meeting, Amer said countries around the world capitalise and invest all their savings due to the coronavirus pandemic.
Amer was addressing a House of Representatives session held to debate a new banking act proposed by the government to issue a law on the central bank and the banking system.
The draft law comprises 424 articles that are of special importance amid the global economic developments, Amer said.
The banking system is in need of upgrading its banking services in order to be able to enable people nationwide to access banking services with a view to achieving an all-out economic development, the governor noted.
Besides helping banks to utilise savings and deposits, the bill shall give the central bank the right to monitor the banks’ performance, Amer said.