Egypt’s NBE bank says sold $7.5 bln to cover imports since pound float

Egypt’s biggest lender, the state-owned National Bank of Egypt has provided $7.5 billion to cover import payments since the central bank devalued pound on Nov. 3rd, an official in the bank said Monday.

The country’s central bank decided on November 3rd to freely float the local currency and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy.

Yehia Aboul Fotouh, deputy chairman of NBE, further told Amwal Al Ghad that the bank has collected $5.2 billion since the local currency flotation move.

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