Egypt’s NBE bank says sold $7.5 bln to cover imports since pound float

Egypt’s biggest lender, the state-owned National Bank of Egypt has provided $7.5 billion to cover import payments since the central bank devalued pound on Nov. 3^rd, an official in the bank said Monday.

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.

Yehia Aboul Fotouh, deputy chairman of NBE, further told Amwal Al Ghad that the bank has collected $5.2 billion since the local currency flotation move.