Cairo - Mubashe: The Egyptian Gulf Bank (EG Bank) said that it has achieved FX losses of EGP 18.4 million in 2016, due to differences in asset valuation, and obligations in foreign currencies, after the pound free float.
The bank didn’t reveal its operating income during the year 2016 in its statement.
The central bank of Egypt (CBE) decided on 3 November to free the exchange rate of the Egyptian pound, and to raise interest rates by 300 basis points.
On Wednesday, the Egyptian Exchange (EGX) resumed trade on the stock of EG Bank, after suspending trade for not revealing FX effect on the bank’s financial statements.
