Egypt’s central bank studying new foreign banking licences

Egypt is studying opening a new round of foreign bank licencing in the coming period, a senior central bank source, who asked not to be named, told state news agency MENA on Tuesday.
This step will help boost confidence in Egypt’s economy and banking system as well as increase the sector’s competitiveness, the source added. It will also help create a larger database of clients in the Egyptian banking sector given the huge network of relations which international banks have with heavyweight international investors, companies, and institutions.
Several international banks have filed requests to enter the Egyptian market, he said.