Egypt’s Banque du Caire nets $22 bln in 22 months

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Egypt’s state-run lender Banque du Caire’s US dollar proceeds exceeded $22 billion since the liberalisation of the exchange rate, said its vice chairman on Sunday.

Egypr’s third-largest state-owned bank is currently working on raising the proceeds in the coming period, Hazem Hegazy told Mubasher in a phone call.

The Central Bank of Egypt (CBE) has increased key interest rates by 300 basis points following the flotation of the Egyptian pound against the US dollar in November 2016.

It is worth noting that Banque Du Caire had pumped investments worth 220 million pounds into “Mashro’ak [your project]” initiative since it was launched in 2015.