Cairo – Mubasher: The total proceeds of US dollars purchased by the Egyptian banks since the flotation have registered $7 billion, said the Tarek Amer governor of the Central Bank according to a report published by Al-Ahram Al-Ektessadi Magazine.
“The preliminary indictors reflect that the flotation decision started to achieve its goals that are topped by cancelling the black market and assuring the stability of USD – EGP exchange rate,” said Amer.
The banks has provided $7.5 billion to meet the needs of their customers and secure documentary credits, added Amer.
The Central Bank of Egypt had liberated the Egyptian pound exchange rate early November, scoring EGP 13 against the US dollar during the first day of liberation instead of EGP 8.88, and increased the interest rates by 3% to adjust to the foreign exchange market.
