Banking in Egypt

During the Nasser era, the government took control of the sector of banking, exactly as it happened with some other economic sectors. Four banks absorbed the other banks and all of them were under the names of the National Bank of Egypt, Bank Misr, the Bank of Cairo and the Bank of Alexandria in the year 1963. They were owned and regulated by the Central Bank. Numerous special-purpose banks were also created, including those for industrial and agricultural credit, mortgages, and social security funds. They held about 9 percent of total assets of the banking system.

Banking in Egypt

Between the years 1974 and 1988, the number of banks became more than 100 because Law Number 43 involved the domestic private sector, that is how we can explain this boom in the banking of the country changing the whole structure. After 1985 the private sector replaced the public sector as the second largest debtor after the government.

On the other hand, we do not appreciate a change in the nominal interest rates, which kept on being the same during the 80’s decade but changed after that ranging from 5% to 13% dealing with deposits and from 11% to 17% with loans. Those real interest rates were consistently negative because of higher inflation rates apparently did not lead to excessive borrowing by the public sector.

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