Egypt’s top FX firms collect EGP 11.9b after flotation decision

The exchange firms affiliated to the National Bank of Egypt, Banque Misr, and Banque du Caire have collected FX equivalent to 11.915 billion Egyptian pounds in foreign currencies, since March 6 until April 7, according to FEB on Monday.

Al Ahly Exchange company has collected a foreign exchange amount equivalent to 6.6 billion pounds following the central bank’s decisions.

Misr Exchange firm has received an amount equaling 4.76 billion pounds in foreign currency since the exchange rate liberalisation, including FX equaling 260 million pounds received yesterday.

The Central Bank of Egypt’s (CBE) Monetary Policy Committee increased deposit and lending rates by 600 basis points to 27.25 per cent and 28.25 per cent, respectively, on March 6.