Financial Services

Years of careful financial regulation have helped to create a robust banking system. The sector has continued to boast low levels of non-performing loans, high capital adequacy ratios and sufficient provisioning. As a result, by 2022 it was clear that Egypt had avoided some of the worst economic consequences of the Covid-19 pandemic seen elsewhere. As of April 2022 around two-thirds of Egypt’s population remained outside the banking sector, underscoring opportunities in the sector. However, new challenges arose with Russia’s invasion of Ukraine in February 2022. Turbulence in capital markets led to a significant squeeze on foreign exchange liquidity, with the Central Bank of Egypt issuing restrictions on non-strategic imports in the first quarter of the year. Overall, the 2022-23 period is likely to continue to bring volatility to global financial markets. This chapter contains an interview with Hussein Abaza, CEO, Commercial International Bank.