Egypt’s banking deposits rank first in Arab

The international banking sector has been facing many issues during Coronavirus, which represents the negative effect of the pandemic on the economy in general. Furthermore, the Arab banking sector faced the same problems. Egypt is one of the models that could introduce an achievement through the pandemic. Also, Saudi Arabia shows superior numbers in the banking sector. 

Egypt’s banking sector has accomplished a big jump in terms of the volume of deposits, as it ranked first among the rest of the Arab banking sectors. It increased by the percentage of 15.2, which amounts to forty-four billion dollars. In terms of assets, it increased by the percentage of fourteen, which amounts to fifty-six billion dollars. That ranked second place.  

Not only Egypt reported an increase in the volume of assets, but also Saudi Arabia. Saudi Arabia came in first place among Other Arab countries’ banks. The increase amounts to sixty-six billion dollars, stated Mr. Wissam Fatouh, the Secretary-General of the Union of Arab Banks. 

Saudi Arabia’s banking sector achieved a 9.4 growth rate until the end of 2020’s third quarter, making it considered the largest among all Arab banking sectors. This resulted in the whole Arab banking sector with a percentage of 5.4 increase in assets. It also took place at the same period until the end of the third quarter of 2020. 

Although the national and the international banking sector faced many hardships during Coronavirus, Fatouh stated that Saudi bank assets would exceed 2019 achievements, which had a percentage of 9.7. Mr. Wissam Fatouh also announced that twenty percent of the total assets of the Arab banking sector belong to the Saudi banking sector, which amounted to 768 billion dollars. 

Saudi banking represented 25 percent of the Arab banking sectors on the loans wise. Saudi Arabia pumped around 592 billion dollars into the national economy. The loans increased by the percentage of 11.4, which amounted to sixty-one billion dollars. This continued to the third quarter of 2020, representing the largest among the rest of other Arab banking sectors, stated by Mr. Wissam Fatouh. 

He also added that the deposits increased by 4.7, which amounted to twenty-three billion dollars from 2019 till 2020. They totaled 502 billion dollars in the third quarter of 2020. He also illustrated that the pandemic affected the markets by causing low liquidity, which is one of the various challenges faced by Saudi Arabia during Coronavirus. The oil prices also got involved by Covid-19. Saudi Arabia is trying its best to fix the pandemic caused to the national economy by the upcoming co-operation between the National commercial bank and the Samba financial group. 

Mr. Wissam Fatouh also stated that Saudi Arabia banks focus on investments in technological fields and digital transformations by converting more banks into electronic ones, including the operations. He said that there would be more expansion of services without expanding the branch network, which will help reduce cost and help the economy. 

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