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Elham AbolFateh

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Government plans to move Central Bank to NAC

Tuesday 12/February/2019 - 03:00 PM
Sada El Balad
Edited by Ahmed Moamar
Gamal Najm، Deputy Governor of the Egyptian Central Bank (ECB) said that government plans to move headquarter of the ECB to the New Administrative Capital (NAC).
He added that there is no defined date to carry out such a plan.
He pointed out that three years of a period of grace passed to enable the national banking institutions to increase rate of funding the small and medium-sized projects.
He added during a forum mounted by the International Monetary Fund (IMF) in the American University in Cairo، that some 65% of the banking loans headed to the private sector.
He went on to say that about 4.4 % of the banking loans would be considered as bad debt.
He warned that funding of that category of projects are very high.
He affirmed that the bigger companies have more assets، so are more capable of coping with financial crises.

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