Egypt’s second biggest bank, state-owned Banque Misr has provided around $825 million to cover import payments since the central bank devalued pound on November 3rd, vice chairman said Monday.
“We opened letters of credit worth around $825 million to meet import payments since pound float move,” Banque Misr vice chairman Akef El Maghraby said in an economic conference in Cairo.
Earlier, the country central bank decided on November 3rd to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the national flagging economy. CBE also said there will be no limits on foreign currency deposits or withdrawal for both individuals and firms, and no conditions will be imposed on the depositing of foreign currency.
