The published draft of the new banking law, the latest reform from the Central Bank of Egypt (CBE), was made public in July 2017, and its potential changes fast became a major talking point for the sector. Formulated after lengthy consultation with global experts – which included meetings with the IMF, the World Bank and the Bank of England –...
The liquidity scenario in Egypt has shifted significantly in recent years. In terms of local currency liquidity, levels have remained buoyant despite a challenging economic environment. Elsewhere in the MENA region, governments have had to resort to drawing heavily on banking sector deposits to address the fiscal shortfalls caused by low...
What have been the short-term consequences of the currency flotation for the banking sector?
In addition to having one of the biggest banking sectors in the North African region, Egypt’s is also one of the most profitable. In more recent times, lenders have made easy gains on high-yielding government debt following the 2011 revolution, while an improving macroeconomic environment and the flotation of the local currency lead to another...
While Egypt has long looked internationally to build alliances and win favour, the country’s immediate neighbourhood is becoming an increasingly important source of support. As the oil-rich states of the Gulf become more politically assertive, Egypt is navigating this new regional reality. At the same time, however, the MENA region is still...
The economy notably improved in FY 2016/17, with GDP growth averaging 4.6% in the second half of the period – the fastest expansion since FY 2009/10, according to the Central Bank of Egypt (CBE).
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