Egyptian banking sector is resilient in face of global crises, achieves record results

Egyptian banking sector is resilient in face of global crises, achieves record results

The Egyptian government has been working on developing the banking sector over the past nine years. The state has taken proactive steps and adapted monetary policy tools to increase confidence in the banking sector and enhance financial inclusion rates through a set of measures set by the Central Bank. The banking sector plays a big role in mobilizing domestic and foreign savings and achieving financial protection for customers and investors, which makes the sector enjoy liquidity and profitability and contributes to achieving a state of financial stability, which is an essential pillar for achieving sustainable economic growth. International institutions have praised Egypt’s efforts in this regard.

The Cabinet’s Media Center report monitored the positive change in the international vision of the Egyptian banking sector. Fitch International confirmed that high interest rates and dependence on government debt instruments provide a relatively stable source of profitability for Egyptian banks. They expect strong growth in the banking sector during the next 10 years, where there is a large scope for expansion of banking services and the base of depositors. It was expected in 2013 that the Egyptian banking sector would face great difficulties, in light of the continued lack of clear policies on the