Cairo – Mubasher: Balances and reserves held by Egyptian banks abroad jumped by 90% to $19.2 billion at the end of November from $10.2 billion at the end of April despite the coronavirus crisis, a senior official at the Central Bank of Egypt (CBE) told the Middle East News Agency (MENA).
Haitham Adel, Head of Treasury and Capital Markets at the Industrial Development Bank, said this leap in the balances of banks abroad reflects the sound management of the banking sector and the unprecedented measures taken by the CBE to protect banks against the pandemic.
At the end of November, the country’s net international reserves rose to $39.221 billion from $39.22 billion in October.
