National Bank of Egypt says has raised $8.2 billion since pound float

Egypt’s biggest lender, the state-owned National Bank of Egypt has raised $8.2 billion since the liberalisation of the Egyptian pound exchange on Nov. 3, deputy chairman said on Wednesday.

“The bank has opened letters of credit worth $9 billion to finance imports,” Yehia Aboul Fotouh further told Amwal Al Ghad.

Egypt’s central bank decided earlier 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.