Suez Canal Bank has provided $300 mln to fund trade since currency float

Egypt’s Suez Canal Bank has provided around 300 million to fund trade since the country floated its currency in November last year.

“The bank has covered all the import payments in the current time,” a senior source in the bank told Amwal Al Ghad on Saturday.

The country’s central bank decided on November 3rd to freely float the local currency and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy.