Egyptian banks follow strong credit policies, central bank says

The Central Bank of Egypt (CBE) on Thursday highlighted the rigorous credit and risk management practices of banks operating in the country, underlining their adherence to regulatory rules and international best practices.

In a statement, the CBE said all banks conduct detailed credit assessments before granting loans or restructuring customer debts. Adequate collateral is obtained based on clients’ credit positions, and provisions are maintained to mitigate potential risks, ensuring full protection of depositors’ funds.

The statement also briefly addressed recent social media reports concerning a key borrower, without disclosing the name of the client, emphasising that banks’ policies are designed to manage credit risks and maintain financial stability.

The central bank monitors all banking transactions regularly to ensure compliance with supervisory guidelines and internationally recognised standards.

“The financial safety indicators of the banking sector demonstrate its robustness, enabling banks to withstand crises and continue supporting the national economy,” the CBE said.

The central bank urged social media users to verify information from trusted sources before sharing, cautioning that inaccurate reports could create confusion and influence public opinion.

Attribution: Amwal Al Ghad English