Egypt’s NBE bank says sold $500 mln to cover imports since pound float

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) has provided around $500 million to cover import payments since the central bank devalued pound on November 3rd, its deputy chief said Wednesday.

“We opened letters of credit worth $500 million to meet import payments starting from the day the central bank decided to freely float Egyptian pound until today (November 16),” Yehia Aboul Fotouh told Amwal Al Ghad.

Earlier, the country central bank decided on November 3rd to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy. CBE also said there will be no limits on foreign currency deposits or withdrawal for both individuals and firms, and no conditions will be imposed on the depositing of foreign currency.