Banking expert and member of the Emirati-Egyptian Business Council Sahar El-Damaty expressed her optimism regarding the new year, stressing that the recent reform measures implemented by the government and the Central Bank of Egypt (CBE) in 2016 will positively reflect on the Egyptian economy, and with it, on the performance of banks operating in Egypt during 2017. This would also positively reflect on the performance of the banking sector and increase its ability to meet the demands of clients, she added. “This means that interest rates at banks will fall, which will then stimulate demand on loans by investors,” she explained. According to El-Damaty, initiating major national projects, such as the New Administrative Capital, will boost demand on borrowing from banks by companies engaged in these projects. “This would eventually give a boost to banks’ activities and push their revenues upwards,” she added.

Source: Daily News Egypt January 21, 2017 17:02 UTC