ICEC

Banque Misr has provided $6 bln to fund trade since pound float: official

Egypt’s second largest state-owned lender, Banque Misr has provided $6 billion to fund trade since the country floated its currency in November last year, vice chairman said Thursday.

Banque Misr has also collected $6.5 billion since the local currency flotation move, Akef El Maghraby further told Amwal Al Ghad.

Last year, the Central Bank of Egypt (CBE) decided to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.

The bank has also raised around 160 billion Egyptian pounds ($9.1 billion) from its high-yielding certificates of deposit launched after currency floatation on Nov. 3rd, El Maghraby added.

Following the central bank’s decision to float the Egyptian pound and raise key interest rates, Banque Misr had offered 18-month certificates of deposit at 20 percent and three-year certificates of deposit at 16 percent.

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