Crédit Agricole Egypt has attracted $1 bln since pound float: official

Crédit Agricole Bank-Egypt has collected more than $1 billion since Egypt decided to float its pound on Nov. 3, said its managing director François Drion on Tuesday.

The Central Bank of Egypt (CBE) decided in early November to float the 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.

The French bank in Egypt allocates 30 percent of its budget for investments in government treasury bonds and bills, Drion added during a round-table in Cairo.