CBE governor: Banks should utilize EGP 4 trillion worth of deposits, savings

Governor of the Central Bank of Egypt (CBE) Tarek Amer said on Monday May 4, 2020 that deposits and savings at banks, which are estimated at EGP 4 trillion, are not completely utilized.

He added that many countries use and invest all their savings.

Amer was addressing a House of Representatives session held to debate a bill proposed by the government to issue a law on the CBE and the banking system.

The draft law comprises 424 articles that are of special importance amid the global economic developments, Amer said.

The banking system is in need of upgrade in order to grant people nationwide access to banking services with a view to achieving an all-out economic development, the CBE governor noted.

Besides helping banks to utilize savings and deposits, the bill shall give the CBE the right to monitor the banks’ performance, he added.

Source: State Information Service Egypt