Banque Du Caire Granted Letters of Credit worth $2bn in 2013

Banque Du Cairo issued around 11.000 letters of credit totaled US $ 2 billion during 2013 for a number of the country’s sectors, Amwal Al Ghad’s Arabic website reported on Tuesday.

According to an informed source from Banque Du Cairo spoke to Amwal Al Ghad on Tuesday, the bank’s volume of L/Cs surged during the fourth quarter of 2013 to US$ 2 billion, against US$ 413 million in an earlier quarter.

“Over the last three years and despite having dollar liquidity shortage, the bank went on granting government entities letters of letters.” The source added