By: Islam Fadl
Cairo – Mubasher: The National Bank of Egypt’s (NBE) US dollar-denominated proceeds or collections from customers since the devaluation of the Egyptian pound on 3 November to-date have reached $2.8 billion, the bank’s vice president told Mubasher on Thursday.
Export operations carried out by the bank reached $5.3 billion to-date, NBE VP Yehia Abu ElFotouh added in a phone interview.
He stated that there were no pending import operations and that all of the bank’s customer demands to travel abroad were being met.
Since the floatation of the Egyptian pound on 3 November, the three national banks operating in Egypt have issued certificates with 20% and 16% interest, Abou El Fetouh told Mubasher.
The three state banks operating in Egypt are NBE, Banque Misr and Banque du Caire.
NBE gathered around EGP 200 billion from the savings certificates it issued to customers with 16% and 20% interest it issued since the devaluation.
On 5 February, the Central Bank of Egypt (CBE) reported that net foreign reserves reached $26.363 billion by the end of January 2017, up by $2.098 billion since December 2016.
Translated by: Nada Adel Sobhi
