National Bank of Egypt collects $2.7 billion since Egypt pound float – official

Egypt’s biggest lender, the state-owned National Bank of Egypt has collected $2.8 billion since the liberalisation of the Egyptian pound exchange rate on Nov 3, deputy chairman said Thursday.

The bank gathered some $2.8 billion given up by individuals from the liberalisation of the exchange rate on November 3^rd in addition to the remittances from expatriate Egyptians, Yehia Aboul Fotouh added.

“We have also opened letters of credit to finance imports worth around $5.5 billion, including $3 billion for private sector and $2.5 billion for public sector in the past three months,” Aboul Fotouh further told Amwal Al Ghad.