float the Egyptian pound

CBE: banks could secure $21bn to fund foreign trade since flotation of pound

Cairo - MENA

Banks have been able to secure some 21 billion dollars to fund foreign trade operations since a decision to float the Egyptian pound was made on November 3, the Central Bank of Egypt (CBE) said Wednesday. The CBE, in a statement Wednesday, said banks operating in Egypt had been notified to inform the CBE before providing any government bodies withRead more

Head of REBC lauds economic reforms in Egypt

Cairo - Arab Today

Shamel Orlov, the chairman of the Russian Egyptian Business Council (REBC) has praised economic reform measures adopted by Cairo, particularly the latest decision to float the Egyptian pound. Russia had faced the same difficulties in the 90s, Orlov said in statements to MENA Wednesday. Orlov is leading a delegation of representatives of 25 Russian companies to Egypt with the aimRead more

Banks received $400m since pound flotation

Cairo - MENA

Deputy President of Banque Misr Akef el Maghrabi said Egyptian banks have received dlrs 400 million from customers since the floatation decision of the Egyptian pound. Addressing a conference on "People and Banks", Maghrabi termed as "historic" the decision to float the Egyptian pound which has notably helped in increasing the dollar accounts at the Egyptian banks. He also saidRead more

NBE receives $300m dollars last week

Cairo - MENA

Vice President of the National Bank of Egypt Yehia Abul Fotouh said the bank received 300 million dollars all through the past week, citing a tenfold increase of money transfers by Egyptians abroad. Most of received funds, around 220 million dollars, were used to finance imports and exports, he said during a session of the economic conference of Akhbar elRead more

FEI hails CBE decision to float Egyptian pound

Cairo - MENA

Chairman of the Federation of Egyptian Industries (FEI) Mohamed El Sewedy hailed on Thursday the Central Bank of Egypt’s decision to float the Egyptian pound. In exclusive statements to MENA, he said the decision will promote industry and investment and will also create a balance between industry and exported products. The decision will regulate market as regards foreign currency tradingRead more