Ahli United Bank Issued LCs And LGs Worth EGP 4.3 Bln During Jan-Feb

Ahli United Bank issued letters of credit and guarantee worth EGP 4.357 billion in January and February.

Sources said most of the bank’s LCs and LGs went to food, petroleum and pharmaceutical items as part of the bank’s efforts to direct the dollar liquidity to most important sectors amid the current dollar shortage.

The total value of the bank’s foreign transactions registered EGP 13.7 billion at the end of 2012, compared to EGP 3.6 billion at the end of 2011. Most of LCs have periods ranging from three to six months.

The bank targets to issue letters of credit worth US$ 130 million (EGP 900 million) to companies working in petroleum and food materials so as to import raw materials.