NBE’s Investments in Government Debt Instruments Reach 70 Bln EGP: Amer

Tarek Amer – Chairman of the National Bank of Egypt (NBE) – said that the NBE’s investments in the government debt instruments– treasury bonds and bills- have reached 70 billion EGP , as he assured that the bank has not expanded investing in the government debt instruments at the expense of financing the sectors.

Amer added – during European Egyptian Business Council meeting- that the bank has not refused to finance any projects, but it requires a feasibility study to make sure of the project’s profitability ahead of being financed.

Amer clarified that the NBE targets increasing its profit by 25% during the current fiscal year, as it aims at achieving 2.6 billion EGP comparing with 2.1 Billion EGP achieved in the previous year, but he confirmed that this achievement depends mainly on restoring political stability, and the revival of economic life during the last quarter of this fiscal year.

He assured also that the bank’s profitability rate has not witnessed any remarkable increases during the first half of this year, if compared with the last year’s first half rate.

Amer mentioned that the volume of deposits has increased by 9 billion EGP to reach 270 Billion EGP, by the end of the last February, compared with 261 billion EGP for the end of February 2011.

The NBE’s Chairman confirmed that he has not actually resigned, but he informed the bank about his intention of leaving by the end of this year, and he added that he may continue working in banking field, in case of having local or international offers, and he refused to link between his decision of leaving the bank and the application of the “Maximum wages rate” law, as he confirmed that he was considering his resignation before the declaration of that law.