EXCLUSIVE: Egypt’s banks raise $7 billion since pound float move – CBE chief

Egypt’s local lenders have collected between $6.5 billion and $7 billion since Nov.3 decision to liberalise Egyptian pound exchange rate against U.S. dollar, central bank governor Tarek Amer told Amwal Al Ghad on Sunday.

“The banks now are leading the market,” Amer said.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.

The money collected by the banks rose 15 times, and this asserts banks have restored the citizens and traders’ confidence, the Egyptian official added.

“The value of the Egyptian pound will be better soon.” Amer asserted.

The average exchange rate for the U.S. dollar at local banks currently registers more than 18 to Egyptian pound.