Egypt’s NBE bank sold $220 mln in week to cover imports – v.chairman

Egypt’s biggest lender, the state-owned National Bank of Egypt, provided around $220 million to cover import payments during last week, deputy chief Yehia Aboul Fotouh further told Amwal Al Ghad Saturday.

“During last week, we opened letters of credit worth $220 million to meet import payments,” Aboul Fotouh said.

Earlier, the country central bank decided on November 3rd to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy. CBE also said there will be no limits on foreign currency deposits or withdrawal for both individuals and firms, and no conditions will be imposed on the depositing of foreign currency.