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 the pound on November 3, 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.
The programme aims at alleviating dollar shortage and stabilizing the national economy.
Deputy Chairman of National Bank of Egypt,Yehia Aboul Fotouh,said that the bank has collected $5.2 billion since the local currency was floated.
