Egyptian Prime Minister Atef Obeid recently denied the existence of corruption and fraud in the local banking sector.
Obeid asserted that the national banking sector is highly professional and is subject to strict supervision and monitors of related financial authorities, according to Al-Hayat daily.
The Prime Minister added that Egypt’s Central Bank guarantees all funds deposited by customers in any of the nation’s 62 commercial banks. These deposits are currently valued at 280 billion Egyptian pounds ($67.4 billion). –(Mena Report)
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