Banque Misr sold $5 billion to cover imports since pound float; chairman says

Egypt’s second largest state-owned lender, Banque Misr said Sunday it has provided around $5 billion to cover import payments since the central bank devalued pound in early November.

Mohamed Eletreby, Banque Misr’s chairman, told Amwal Al Ghad that the bank has collected $2.4 billion since the local currency flotation move.

Earlier, the country’s central bank decided on November 3rd 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. CBE also said there will be no limits on foreign currency deposits or withdrawal for both individuals and firms, and no conditions will be imposed on the depositing of foreign currency.