EGP declines vs. USD at Thursday's close    Euro area inflation rises to 2.0% in October '24 – flash estimates    IF YOU LOVE SOMEONE WHO SMOKES, GIVE THEM THE FACTS    Asian stocks slide as chip sector weakens    Egypt's Minister of Environment highlights biodiversity issues at COP16    Egypt's Agriculture Minister meets Syrian, Bahraini counterparts to boost cooperation in Amman    Al-Qassam Brigades targets Israeli vehicles in eastern Gaza    ACUD, DP World, and GAFI sign MoU to develop free zone in New Capital    Egyptian government encourages increased mutual investment with Bahrain: Finance Minister    A Tale of Two Cities: Alexandria hosts 2nd edition of exhibition celebrating Greek, Egyptian cultural ties    Egypt, Djibouti leaders discuss strengthening ties, regional issues    Egypt's FM affirms commitment to Sahel security, offers support to Niger    Egyptian banking sector support underprivileged communities in Alexandria – CBE    Afghanistan signs $163m deal for cement plant    US tightens tech investment rules for China    Biden unveils $3b investment to strengthen US port infrastructure    Military Production, Environment Ministers inaugurate banana fiber recycling plant    Luxor Museum to host exhibition on 19th century antiquities inspection tours    Nourhan Kamal Wins 2024 Helmi Sharawy Award for African Studies    Egypt observes Intl. E-waste Day, highlights recycling efforts    Egypt's military capabilities sufficient to defend country: Al-Sisi    Al-Sisi emphasises water security is Egypt's top priority amid Nile River concerns    Cairo Opera House hosts grand opening of Arab Music Festival, Conference    Grand Egyptian Museum ready for partial trial run on October 16: PM    Colombia unveils $40b investment plan for climate transition    Kabaddi: Ancient Indian sport gaining popularity in Egypt    Ecuador's drought forces further power cuts    Al-Sisi orders sports system overhaul after Paris Olympics    Basketball Africa League Future Pros returns for 2nd season    Egypt joins Africa's FEDA    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Paris Olympics opening draws record viewers    Who leads the economic portfolios in Egypt's new Cabinet?    Financial literacy becomes extremely important – EGX official    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Egypt records 36 new deaths from Covid-19, highest since mid June    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NBE's Dollar Liquidity Registers US$ 1.9 Bln
Published in Amwal Al Ghad on 18 - 07 - 2012

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.


Clic here to read the story from its source.