Banks in Egypt

Banks and Saving banks in Egypt



Egypt's banking system is divided in commercial banks (four of them are owned by the state), and they usually finance a wide range of transacctions. There are also investment banks and three specialized banks. Investment banks can be catalogued as joint venture banks and foreign banks, and they can promote new businesses, finance investments or foreign-trade transactions. Specialized banks carry out very specific activities (real estate, agriculture and industry), and they may accept demand deposits, and they are all state-owned. Several of those commercial banks are: Banque Misr, Banque du Caire, Barclays Bank Egypt or Commercial International Bank.

 

Banking system in Egypt has been reformed since 1990s, in order to make it more modern and liberalized, because it plays a very important role developing Egypt's economy. It will problably continue advancing because of the political and social changes society is experiencing. Changes could make easy to Egyptians and foreigners to obtain a motage for a property, for example.

 

Bank opening hours are from 8.30am to 2 pm, except on Fridays and Saturdays, and you can change money there. The most usual pound notes are 1, 5, 10, 20 and 50, and people can also withdraw cash from ATMs.

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Russian Billionaire's Bank Bets on Egypt as Mideast Risk Rises - Bloomberg

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