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Egypt Central Bank Announces Bankruptcy of Silicon Valley Bank

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The Central Bank of Egypt has 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 bankruptcy filing last Friday. control of the Federal Deposit Insurance Corporation in the states.

This is the largest 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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