NBE’s Dollar Liquidity Registers US$ 1.9 Bln
Published Wednesday, 18 July 2012 14:36 | Written by Mohamed Hamdy
The National Bank of Egypt (NBE) offered finances of US$ EGP 2 billion to the government in the period that followed 2011’s revolution, which were used to finance the importing of the needed diesel and other strategic products, said Tarek Amer, chairman of NBE and head of the Federation of Egyptian Banks. NBE offered US$ 300 million to the Ministry of Petroleum in order to provide gas pipes amid the current crisis.
On the sidelines of the symposium held by the bank to introduce the banking transactions and technologies, Amer said the bank acquires US$ 1.9 billion, thanks to the dollar bonds the bank earlier offered in global markets with an interest rate of 5% in 2010 and had received a lot of criticism at that time.
NBE has sent its employees to international banks in Munich, Zurich, London and Paris in order to know the international view of Egypt’s economy. International bankers were seen to have high confidence in the current governor of the Central Bank of Egypt who has implemented reform plans to the banking sector, Amer noted.
Amer said he, Dr. Farouq EL-Okdah, Hisham Ramez and Mohamed Barakat had submitted their resignations to the Supreme Council of Armed Forces after the Egyptian banks were accused of smuggling illicit money of the former regime’s figures abroad, but the SCAF rejected such resignations and affirmed that the Egyptian banking sector is the economy’s safety valve and that stepping down of qualified high executives would harm the country in its transitional period.
Amer called on the Egyptian president Mohamed Mursi to depend on experienced and qualified people in order to improve Egypt’s position.
Most Popular »
- Egypt’s Main Gauge Nears 5430 Pts Powered By Seven Kidnapping Release News
- Egypt’s Central Bank Offers US$ 800 Mln At Exceptional FX Auction
- Crowell & Moring Advises ADIB Egypt On Landmark Islamic Finance Deal
- IFE Not Notified Officially With New Bancassurance Regulations
- Hamas Felicitates Egyptians On Releasing The Abducted Soldiers