Transfers from Egyptians abroad returned to banks in a distinctive way

Written by Dalia Al-Dhanini:
Mohamed Al-Atribi, President of the Union of Banks and President of the Banque Misr, praised the decisions of the Central Bank last Wednesday, stressing the speed of the Egyptian economy and market’s response to the positive steps.

He added during an intervention on the “Last Word” program presented by media personality Lamis Al-Hadidi on the ON screen: “The Central Bank and its management have a distinct idea and everyone trusts it, indicating that the time for action was dependent on the availability of tools at the Central Bank to implement its ideas, and this was done in the wake of the Ras deal.” Historical wisdom “With great effort by the government it was concluded.”

Regarding the most prominent results and repercussions of these decisions on the sector, he explained that an increase in the movement of hot money, although it is not the best or desired goal, is an indicator of the return of confidence in itself, saying: “There is a great demand for this money, and although it is a good indicator, we should not rely on it too much and be careful.” It is not our goal, but it is a positive indicator of the rapid return of confidence in the Egyptian economy, with unexpected numbers and flows that have entered the banking sector abundantly.”

Pointing out that there is a new movement in remittances from Egyptians abroad, which has revived again, he said: The remittances of Egyptians abroad did not enter the banking sector, but we began to observe an increase in demand, and this is natural, because the value of the black market became less than the official bank after eliminating it and the availability of dollar needs.

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