Like their equivalents around the world, Egyptian banks have been required to play an even more active role in supporting the economy over the past year, in the face of the global coronavirus pandemic, and the accompanying restrictions and their economic impacts. This is despite the fact that Egypt was one of the few countries in the world that experienced positive economic growth in 2020, growing by an estimated 1.5% year-on-year.
Banks in Egypt entered the pandemic in relatively good shape, and maintained their strong liquidity throughout 2020 while also continuing to see impressive credit growth. According to the Central Bank of Egypt (CBE), banks operating in Egypt saw their capital reach E£174.7bn ($11.1bn) in September 2020, while reserves stood at E£313bn.
