Banque Misr accumulates foreign reserves of $12.8 bln in 2 yrs

Egypt’s second-largest state-run lender Banque Misr has foreign cash reserves of $12.8 billion two years after the floatation of the Egyptian pound in November 2016, its Vice Chairman, Akef El Maghraby, said.

Akef told Amwal Al Ghad that  Banque Misr has provided around $11.4 billion to finance importing from foreign countries.

The decision to liberalise the local exchange rate contributed to increasing foreign exchange reserves up to $44.4bn at the end of September 2018, compared to $19.5bn in October 2016, marking an increase of about $25bn.

This increase was partially driven by a rise in hard cash flow and external loans. The increase of remittances from Egyptian expatriates from $17bn before the CBE’s decision to $26.5bn in the fiscal year (FY) 2017/18 also had an effect.

This increase was partially driven by a rise in hard cash flow and external loans. The increase of remittances from Egyptian expatriates from $17bn before the CBE’s decision to $26.5bn in the fiscal year (FY) 2017/18 also had an effect.