SENIOR BANK EXECUTIVES and leading businessmen were purged in a series of arrests in Egypt earlier this year. Some have faced trial and even imprisonment with hard labour after allegations of financial wrongdoing. It’s a startling approach to reforming the country’s financial sector.
Falling growth rates, ever more non-performing loans and a series of high-profile scandals have taken their toll on Egyptian banking. But for years little progress was made towards addressing these issues. Now the Egyptian government has begun to take decisive action.
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