June 6, 2023

Dubai Week

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The average capital adequacy ratio of Egyptian banks is over 20%.

Al-Etrebi: The Egyptian Central Bank guarantees all deposits in pounds and dollars

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The head of the Union of Arab Banks, the head of the Egyptian Banks Federation and the chairman of Bank Misrin, Mohamed El-Atrebi, said that the Egyptian banking sector was not affected by the global banking crisis.

“The Central Bank of Egypt guarantees all customers’ deposits, and there is no concern in Egyptian banks because the sector is solid and strong and all its indicators are good,” Al-Atrebi said in an interview with Al-Arabiya today. Monday.

The Swiss central bank is protecting owners of deposits and bonds that have not been converted to capital, which reflects good news for the protection of Swiss banks and positively affects banks in Europe. “This is where central banks step in. To protect the global banking industry,” Silicon Valley Bank said.

The head of Bank Misr confirmed that the Central Bank of Egypt guarantees all bank customers’ deposits in pounds and dollars.

He pointed out that Egyptian banks are not expected to hold bonds at Credit Suisse because they are not included in this type of bond.

The Central Bank of Egypt announced that there are no deposits from Egyptian banks in Silicon Valley Bank, indicating that companies and individuals have fully received their deposits from Silicon Valley Bank.

Al-Atrebi said the Egyptian banking sector has a very small portion of maturing bonds.

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Egyptian banks have no problems, they have full reserves and the average capital adequacy ratio is more than 20%, which is a higher percentage than required in the “Basel” rates.