Egypt FX firms’ revenues hit EGP 4.18b since flotation
Following the recent decisions by the Central Bank of Egypt, the foreign exchange firms of the three largest government banks in Egypt have collected nearly EGP 4.18 billion in foreign currencies.
Al Ahli Exchange company collected the majority of foreign currencies, amassing EGP 2.29 billion, the company’s President, Abdel Majeed Mohi El Din, confirmed, anticipating further increases.
Misr Exchange and Cairo Exchange collected EGP 1.7 billion and EGP 190 million respectively, since the exchange rate floating.
On March 6, the Central Bank raised the deposit, lending, and main operation rates by 600 basis points, reaching 27.25 per cent, 28.25 per cent, and 27.75 per cent respectively.
The credit and discount rate were also increased to 27.75 per cent.
The Central Bank reaffirmed its commitment to maintain price stability in the medium term and to continue its efforts towards a flexible exchange rate.
