Al-Itribi: $ 2 billion in flows to Banque Misr last January

Al-Itribi: $ 2 billion in flows to Banque Misr last January

The Chairman of the Board of Banque Misr, Mohamed El-Atribi, said that the Central Bank’s decision to liberalize the exchange rate in November 2016 is a historical decision that contributed to the establishment of many economic reforms, the most important of which is the elimination of the black market for the dollar, in addition to ending the waiting list in banks to obtain The dollar.

Egypt's agreement with the International Monetary Fund
Al-Atribi added during his meeting on the program “Banks and Investment” broadcast on the Extra News satellite channel, that Egypt’s agreement with the International Monetary Fund during the past period is not intended to obtain the fund’s loan, but is a confirmation and testimony from the largest and most important international financial institutions on the strength of the Egyptian economy, explaining According to the Egyptian vision, the Central Bank played an important role in the process of economic reform.

The provision of currency is the goal of the floating decision
Al-Atribi indicated that the decision to liberalize the exchange rate unleashed the banks to determine the exchange rate of the dollar according to the mechanisms of supply and demand, explaining that the availability of the currency is the desired goal of the floating decision.

In his speech, Al-Atribi mentioned the decline that the dollar witnessed since the decision to liberalize the exchange rate, explaining that after the decision, the value of the dollar reached more than 19 pounds, and today it fell to 15.71 piasters for purchase and 15.81 piasters for sale, which contributed to the low import bill from $ 76 billion to $ 59 billion, in addition to an improvement in tourism revenue from $ 3.6 billion in 2016, to $ 12.6 billion in 2019, and the high remittances of Egyptians abroad to more than $ 26 billion.

Al-Atribi explained that the total assets of the banking sector increased after the liberalization of the dollar exchange rate from 3.2 trillion pounds in 2016 to 5.3 trillion pounds in 2019, an increase of 68%, and total loans increased from 1.1 trillion pounds in 2016 to 1.8 trillion pounds in 2019, With an increase of 62%, and deposits increased from 1.5 trillion pounds in 2016, to 4 trillion pounds, an increase of 60%.

The percentage of bad loans in the banking sector decreased
Al-Atribi pointed out that the percentage of non-performing loans out of the total loans of the banking sector was 6.2% in 2016, and decreased to 4.2% in 2019, explaining that the non-performing loan coverage rate reached 98% in cash, which is in line with the global levels of banks.

Al-Atribi indicated that property rights in the banking sector recorded $ 193 billion in 2016, and rose to $ 388 billion in 2019, an increase of 100%, explaining that the increase is part of it as a result of the liberalization of the exchange rate, and the largest part is the result of the profits achieved by banks since the implementation of the reform program Economic.

Flows two billion dollars a month
The President of Banque Misr said that the total cash inflows to his bank during the month of January 2020 amounted to two billion dollars, indicating that the bank achieved $ 15.6 billion in revenue during 2019.
The President of Banque Misr stated that the bank’s total assets amounted to 1.2 trillion pounds, and it is intended to reach 1.9 trillion pounds in the middle of this year, in addition to the increase in the volume of loans to 680 billion pounds, indicating that this was achieved through the work team, and giving powers to the branches, And work as a harmonious team.
He added that the default rate of clients decreased to 2.2%, the allocations rate was 107%, and the volume of deposits increased to 790 billion pounds.

750 branches by the end of 2020
He pointed out that the bank’s branches have reached 710 branches, and it is intended to reach 750 branches by the end of the current year, and that the bank’s profits increased to 8.6 billion pounds during the past year.
Al-Etribi added that the total support of the banking sector for small and medium enterprises amounted to 160 billion pounds, as the bank's portfolio for small and medium projects rose to 31 billion pounds last year, deposits recorded 790 billion pounds with the bank by the end of 2019, and loans 274 billion pounds.
The President of Banque Misr stated that the bank has branches in the UAE, France and Lebanon, noting that the bank seeks to be present in 15 African countries.

Financial inclusion
And on the bank’s role in achieving the state’s plan towards financial inclusion, Al-Utribi said that the expansion of financing small and medium projects and real estate financing for low-income people, and technological development are the most important axes on which the bank relied towards achieving financial inclusion. The bank also developed Internet banking products, and mobile banking To keep abreast of global developments in the field of digital products and attract the youth segment, the bank also contracted with a global consultant to establish a digital bank separate from Banque Misr.

Increasing bank assets
And on the objectives of Banque Misr during the current year, Al-Atribi explained that the bank seeks to reach the value of assets to 1.9 trillion pounds during the current year, as the bank aims to increase deposits by 20%, and loans by 17% during 2020.

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