Banque Du Caire Withdrew US$60 Mln From Switzerland To Meet Dollar Demand

Mohamed Taha, deputy chairman of Banque Du Caire, affirmed that the bank has strong dollar liquidity and can totally meet the customers’ needs for local and foreign currency.

Banque Du Caire has withdrawn US$ 60 million from Zurich, Switzerland in order to meet the customers’ needs amid the growing demand for dollars, he added in an interview with Amwal Al Ghad. The bank deposits surplus funds with foreign banks to withdraw them when needed, he noted.

Taha commented on FX Auctions applied by the Central Bank of Egypt for trading foreign currency through auctions to help preserve foreign fund reserves. He affirmed that these auctions will set exchange make more stable in the long term

Banque Du Caire did not submit any bids to the FX auctions because it has enough dollar liquidity, he added.