Banque Misr raises $1.020 billion after Egypt pound float – official

Egypt’s second biggest bank, state-owned Banque Misr has collected $1.020 billion since Nov 3 local currency flotation move, vice chairman Akef El Maghraby said Tuesday.

The money includes remittances from expatriate Egyptians, clients selling US dollars, and deposits in foreign currencies, El Maghraby further told Amwal Al Ghad.

“We have opened letters of credit worth around $2.050 billion to meet import payments since pound float move,” Banque Misr official said.

The bank has also received around 86 billion Egyptian pounds (around $4.7 billion) from high-yielding certificates of deposit it started offering on Nov. 3, the banking official added.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.

Following the central bank’s decision to float the Egyptian pound and raise key interest rates, Banque Misr announced offering 18-month certificates of deposit at 20 percent and three-year certificates of deposit at 16 percent.

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