National Bank of Egypt collects $2.7 billion since Egypt pound float – official

Egypt’s biggest lender, the state-owned National Bank of Egypt has collected $2.8 billion since the liberalisation of the Egyptian pound exchange rate on Nov 3, deputy chairman said Thursday.

The bank gathered some $2.8 billion given up by individuals from the liberalisation of the exchange rate on November 3rd in addition to the remittances from expatriate Egyptians, Yehia Aboul Fotouh added.

“We have also opened letters of credit to finance imports worth around $5.5 billion, including $3 billion for private sector and $2.5 billion for public sector in the past three months,” Aboul Fotouh further told Amwal Al Ghad.