Chairperson of the Principal Bank for Development and Agricultural Credit (PBDAC) Elsayed Elkosayer said that banks will be vital to support the Egyptian economy this year, as they have always been before. Elkosayer explained that despite the many challenges, there are some positive indicators of a significant breakthrough in various economic sectors. On the most prominent challenges that may face banks in the new year, Elkosayer said that the high interest on savings certificates and the reluctance to increase interest on loans will reduce banks’ profits in 2017. He noted that banks will have to sacrifice part of their earnings to support the state. Moreover, he noted that the bank aims to amend its operations to fit the initiatives posed by the Central Bank of Egypt (CBE), including financing small- and medium-sized enterprises and mortgage financing.

Source: Daily News Egypt January 21, 2017 16:47 UTC