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Foreign currency liquidity returns to bolster Egyptian banking sector

Source link : https://africa-news.net/africa/egypt/foreign-currency-liquidity-returns-to-bolster-egyptian-banking-sector/

Having come through Egypt’s worst economic crisis in decades relatively unscathed, its banks are ready to reap the medium- and long-term benefits accruing from the country’s dramatic rescue by Abu Dhabi’s sovereign wealth fund, ADQ, and the IMF.

Long-standing concerns over the mechanisms of a long-anticipated, further devaluation of the Egyptian pound — seen as a necessary step to attract sorely needed foreign currency investment — were dramatically put to bed in late February with ADQ’s announcement of a $35bn investment in the coastal real estate project of Ras al-Hekma.

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Source link : https://www.thebanker.com/Foreign-currency-liquidity-returns-to-bolster-Egyptian-banking-sector-1711009870

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Publish date : 2024-03-21 07:00:00

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Author : africa-news

Publish date : 2024-06-25 07:27:27

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