Egyptian banks could be downgraded

Bankers warn: Violence will destroy our economy

GMT 14:32 2012 Saturday ,13 October

Arab Today, arab today Bankers warn: Violence will destroy our economy

Egypt's central bank
Cairo - Mohammed Salah

Egypt's central bank Egyptian bankers have claimed that the sectarian conflicts between the Muslim Brotherhood and the liberals will have negative consequences on the banking sector. They emphasised that banks will be directly and indirectly influenced by the violence.
They talked about the dangers which have been threatening the country since revolution of January 25. When a new president for the country was elected, the alarm bells stopped ringing for a while, only to return even louder.  
Bankers and financial experts demanded the government to take immediate action to control violence to avoid negative consequences. They asserted that the Egyptian economy, tourism, investment and other sectors are affected by the constant demonstrations.
They warned against the negative effect on the international agencies’ ranking of the Egyptian banks.
Former Vice Chairman for Exports Development in the Egyptian Bank Hossam Nasser said: “Egypt has a number of problems: the balance deficit exceeds 170 billion EGP, and the growth rate of the Egyptian economy is less than the growth rate of the population. We need the production to be moved and encouraged to attract new capitals in order to save the Egyptian economy.”
Head of banking consultancy company “Al Mashora” Bassant Fahmi said: “The current events are a disaster for Egypt. No foreign investor will invest in Egypt in this situation. Consequently, the local investors will stop investing and expanding their business until stability and security return.”

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بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
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