National Bank of Egypt NPLs hit 8 bln pounds

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Egypt’s biggest lender, the state-owned National Bank of Egypt says its non-performing loans (NPLs) had risen to 8 billion Egyptian pounds ($448 million) during the 2017/2018 financial year.

The rise was due to the increase of the dollar against the Egyptian pound after the liberalisation of the pound against foreign currencies in early November 2016, NBE deputy chairman Yehia Aboul Fotouh told Amwal Al Ghad on Monday.

There are large proportions of the NBE clients’ debts dominated in foreign currency, Aboul Fotouh said.

The bank seeks to collect around 1 billion pounds from troubled clients within the current financial year, the NBE official added.