Cairo – Mubasher: The Central Bank of Egypt (CBE) agreed to allocate about $420 million to cover foreign exchange differences of companies' USD receivables, which resulted from the flotation of the Egyptian pound, a source from a local bank told Mubasher.
Speaking on condition of anonymity, the source said that the CBE provided the amount through two-year bonds with a yield of 3.65%.
Companies with dues below $5 million will be benefiting from the decision, the source noted.
