CBE cuts non-performing loans to 5%

CBE cuts non-performing loans to 5%

The non-performing loans of the Central Bank of Egypt (CBE) have reached 5%, the central bank’s governor Tarek Amer told reporters on Thursday.
On the sidelines of a press conference, Amer said that the percentage of the non-performing loans was at 45% when he held his position as the CBE’s governor.

He also discussed the new banking law at the CBE’s headquarter after presenting it to the Egyptian Cabinet and the parliament.

The percentage of the CBE’s allocations has reached 100% over the past period, he said, adding that the bank is capable of ensuring investors’ confidence in the Egyptian pound.

Amer further noted that the CBE has cut interest rates on saving certificates at the leading banks, pointing out that there are around million holders of these certificates.

-Mubasher