Faisal Islamic Bank raises $40 million since Egypt pound float move

Egypt’s Faisal Islamic Bank has collected around $40 million since Nov.3 decision to freely float Egyptian pound against U.S. dollar, a banking source with knowledge told Amwal Al Ghad on Wednesday.

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.