CAIRO – The Egyptian cabinet media center denied the reports circulated alleging that a liquidity crisis is hitting the Egyptian banking sector, exposing the State to bankruptcy.
In a statement released on Friday according to MENA, the media center said it has contacted the Central Bank of Egypt (CBE), which dismissed such reports stressing that there is not any liquidity crisis in the Egyptian banking sector.
Figures indicate that the banks’ liquidity ratio in local currency amounted to 45.4% by the end of December 2021, which is much higher than the liquidity coverage ratio maintained according to relevant international standards, it noted.
In this regard, the media center urged citizens to ignore such rumors, pointing out to the success achieved by the economic reform process in Egypt’s banking sector and economy.
