Bank Audi Egypt raises $1.2 billion since pound float decision

Bank Audi SAE, Egypt’s eighth largest commercial bank and the Egyptian arm of Lebanon’s Bank Audi, has collected $1.2 billion since Egypt took the dramatic step of floating its pound last year.

The money went to cover all import payments and there are no outstanding requests in the meantime therefore, Bank Audi Egypt’s chief executive Mohamed Abbas Fayed told Amwal Al Ghad on Sunday.

Egypt’s central bank decided in November 2016 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.