If there is a term that best describes the mood among Egyptian bankers at this time, it is 'unpretentious optimism'. And it is with good reason; recent indicators reveal positive trends across a number of key areas. From September 2009 to January 2010, there was an increase in the total financial position of local banks, deposits with local banks and lending among local banks.
This is all in spite of the negative climate brought about by the global financial crisis, to which Egypt has not been totally immune. Credit provided to the private sector slowed notably during 2009, down 6% year on year in December of that year.
