Egyptian banks sold $21 billion to cover imports since pound float – c.bank

Egyptian banks have provided $21 billion to cover import payments since the central bank devalued pound on November 3^rd, said central bank sub-governor Tarek Fayed on Wednesday.

Earlier, 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.

“The banks have paid letters of credits and documentary collections worth around $14 billion were paid off, … and further opened letters of credits worth around $7 billion.” Fayed added in a central bank statement.