The Egyptian Economy, 1952-2000 by Khalid Ikram

Author:Khalid Ikram [Ikram, Khalid]
Language: eng
Format: epub
Tags: History, Middle East, General, Political Science, Social Science, Ethnic Studies, Regional Studies
ISBN: 9781134227532
Google: mLB-AgAAQBAJ
Publisher: Routledge
Published: 2007-04-11T01:15:18+00:00

7

The financial sector and monetary policy

The financial sector plays a key role in development by mobilizing savings, by allocating investable resources, and by providing a mechanism for making payments. Inefficient financial markets are likely to damage the economic prospects of a country by increasing the cost of mobilizing savings, and thus diverting real resources away from investment and growth.

The Egyptian financial sector consists of the banking system and the nonbank financial intermediaries. The Central Bank of Egypt (CBE), the commercial banks, and a number of specialized banks constitute the main monetary institutions. The Central Bank of Egypt is the overseer of the banking sector. Nonbank financial intermediaries chiefly comprise savings institutions and insurance companies. The capital market is dominated by the Cairo and Alexandria stock exchanges, which are electronically linked and operate as a single exchange. Other participants are brokers and fund managers. The Capital Markets Authority (CMA) is the main supervisor of the financial services sector.

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