By Mahmoud Salah El-Deen
Cairo – Mubasher: The National Bank of Egypt's (NBE) foreign cash liquidity from the sale of US dollar has reached $300 million since the Central Bank of Egypt (CBE) liberalized the Egyptian Pound (EGP), said Yehia Abu Al-Fotouh, Deputy Chairman.
"The massive turnout for selling US dollar proves that flotation is the right decision to root the parallel currency market out", Abu Al-Fotouh added on the sidelines of Akhbar Al-youm's economic conference.
"Money transmission has become ten times higher", the deputy announced, assuring that transmissions from Upper Egypt and Sea Frontier rose by 80% and 60%, respectively.
In this respect, the bank secured $220 million for imports after the free flotation, he highlighted.
Moreover, the deputy revealed that the presently provided financing for small and medium enterprises (SMEs) reaches $27 billion, emphasizing that concerns over funding SMEs have become less with the current 1.5% little failure rate,
Since 2010, the bank has lent 35,000 clients with a total of EGP 77 billion since 2010, Abu Al-Fotouh concluded.
