Monday, 16 September 2019 12:00 GMT
img

USD19b locked in overseas Egyptian banks' assets, reserves




(MENAFN) Overseas Egyptian banks stood at USD19 billion in their assets and reserves during the seventh month of this year, from the USD16 billion reported a month earlier.

Egyptian media reports cited a Central Bank of Egypt source, revealing that USD17.7 billion of the assets are in deposits while current accounts are accounting for USD1.3 billion.

Such figures are expected to contribute in achieving a surge in the Egyptian economic and commercial movement, affirmed professor of finance at Cairo University, Hesham Ibrahim.

Ibrahim added: "this new increase happened because the banks have a surplus of foreign currencies thanks to the transfers of Egyptian expats as well as the high revenues of the Suez Canal, tourism, exports and investments."

MENAFN2108201900450000ID1098906857


USD19b locked in overseas Egyptian banks' assets, reserves

  Most popular stories  

Day | Week | Month