Cairo – Mubasher: The Central Bank of Egypt (CBE) has cleared a backlog of requests through the execution of trade transactions worth $49 billion since the flotation of the Egyptian pound until last August, an official of the CBE told Bloomberg.
Requests totalled about $2.1 billion from importers and other firms aiming to settle temporary overdraft operations before the declaration of the pound's flotation, the official, who preferred to remain anonymous, added.
The CBE also provided $522 million for foreign firms seeking remittance of dividends, according to the agency.
The CBE had previously revealed data showing that requests of $1.5 billion had been done for multinational firms seeking to transfer profits to mother companies or pay suppliers’ dues.
