Egyptian banks have provided $55.1 bln to fund trade since pound float

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Egyptian banks have provided around $55.1 billion to fund trade since the country floated its currency in early November last year, a central bank official told Reuters on Tuesday.

The banks were able to extend up to $40 billion in documents for collections (IDCs) and letters of credit, and open new letters of credit for up to $15.1 billion dollars, the source said.