By: Mahmoud Salah El Din
Cairo – Mubasher: Egyptian banks have received $2.6 billion to-date since the Central Bank of Egypt's (CBE) decision to float the Egyptian pound against foreign currencies on 3 November, a CBE source told Mubasher via email.
Earlier this month, the CBE decided to freely float the pound and raise key interest rates by 300 basis points.
The CBE gave banks operating in Egypt the opportunity to freely price foreign currencies using the Interbank system and allowed them to exchange foreign currencies till 9pm Cairo time every day, as well as on weekends, in order to meet expatriates' needs.
Earlier today, the Information and Decision Support Center (IDSC) reported that the CBE had pumped more than $2.2 billion to meet clients’ needs and provide documentary credits for foreign trade in the past two weeks since the EGP flotation.
