Egypt’s exchange gap closing, no intention to significantly devalue exchange rate, says senior CBE official – Economy – Business

In exclusive remarks to Al-Ahram, Negm underlined that there is no need to worry regarding the repayment of foreign debt tranches.

The CBE is unlikely to make a significant reduction in exchange rates in the next stage, he added.

He pointed out that the CBE works to protect citizens’ deposits, whose value in the banking sector has reached EGP 9 trillion, through the application of strict rules.

Negm explained that deposits grew under Governor Tarek Amer thanks to his 19 years of experience leading banking sector reform, helping banks regain their solvency.

Furthermore, he pointed out that Amer also played a major role in establishing the rules of international governance by restructuring all the banks, including the CBE, for which he contributed to its development to raise its performance to the level international.

Negm pointed out that in recent years, the CBE has managed to build up a solid foreign exchange reserve which has helped to increase confidence in the Egyptian economy.

He explained that President Abdel-Fattah El-Sisi appointed Amer governor of the CBE in 2015, renewing him for a second term in November 2019, which is expected to last until November 2023.

The CBE’s monthly report released in July indicates that total loan balances to non-CBE bank customers increased in April by around EGP 70 billion to EGP 3.418 trillion from EGP 3.418 trillion. 348 trillion EGP the previous month.

According to the report, the volume of loans granted to the government amounted to EGP 1,286 trillion, including EGP 872.07 billion in local currency and EGP 414.6 billion in foreign currency, while the total non-government loans amounted to EGP 2,131 billion, including EGP 2,131 billion. 1,865 trillion in local currency.

The report states that the agricultural sector acquired loans worth EGP 480.73 billion, the industrial sector acquired around EGP 472.023 billion, the commercial sector acquired EGP 215.5 billion and the service sector acquired EGP 468.6 billion.

Short link: