Minister of economy: No privatization for public sector banks

Egyptian Economy Minister Yousef Boutros Ghali said that there would be no privatization, currently, of any of the four public sector banks (the National Bank, Misr, Alexandria and Cairo) so that citizens would have complete confidence in machinism of the market and not to cause any negative impact on the depositors and their savings.

Ghali denied currently news about this subject, considering it absolutely untrue.

Ghali urged mergers among the banks working in the country to increase the efficiency of their economic performance and increase the competitive capability of the banking system.