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Egypt Central Bank Statement on Silicon Valley Bankruptcy

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The Central Bank of Egypt confirmed that there are no negative consequences for the Egyptian financial sector in connection with the bankruptcy of the American bank Silicon Valley.

Egypt’s central bank said this is because Egyptian banks do not have deposits, investments or financial transactions with Silicon Valley, which specializes in financing technology and emerging companies.

And US regulators shut down the Silicon Valley bank after it collapsed and failed to make up for financial losses, in addition to its inability to deal with the sudden withdrawal of money by its clients, which led to its official declaration of bankruptcy last Friday. control of the Federal Deposit Insurance Corporation in the states.

This is the biggest collapse of an American bank since the 2008 global financial crisis triggered by the bankruptcy of Lehman Brothers.

Source: “Al-Shoruk”

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