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Egypt’s “historic” move to freely float the local currency will allow all 39 banks licenced in the country to trade foreign exchange and unlock pent-up foreign investment, the chairman of Egypt’s largest-listed bank, CIB, said on Thursday.
Hisham Ezz al-Arab, who attended a high-level meeting with the central bank shortly after the flotation was announced, told Reuters banks would be able to bid for up to a 15 percent share of the total foreign exchange offered by the central bank at an exceptional auction due on Thursday.
He said the central bank had encouraged banks at the meeting to waive commissions on remittances into the country to allow flows to return to the banking system, a move welcomed by CIB.
Source: Reuters
