Egyptian banks provide up to $21B since pound float: CBE

CAIRO - 8 March 2017: Egyptian banks offered $21 billion from Nov. 3, 2016 through the end of February 2017, deputy governor of the Central Bank of Egypt (CBE) Tarek Fayed said in a Wednesday press statement.

The Egyptian banks managed to repay letters of credit worth $14 billion and reopened another $7 billion worth of letters of credit, the statement said.

It added that the banks rely on individuals’ retail flows, inter-banking markets, external dollar-dominated loans and collection documentaries to obtain dollars.

The CBE floated the Egyptian pound in November as part of a set of economic reforms in an effort to revitalize the ailing economy and increase viable foreign investments in Egypt.