The exchange companies affiliated with Egypt’s three largest state-owned banks, which are the National Bank of Egypt, Banque Misr, and Banque du Caire, have collected foreign currency proceeds mounting to about EGP 7.883 billion since the liberalization of the exchange rate on March 6 to March 30.

Abdel Majeed Mohi El-Din, Chairman of the Board of Directors of Al-Ahly Exchange Company, owned by the National Bank of Egypt, confirmed that Al-Ahly Exchange branches, which amount to 89 branches, have recorded a yield of more than EGP 4.363 billion from customers’ foreign currency concessions since the flotation of the Egyptian currency on March 6 to March 30.

For his part, Adel Fawzi, Chairman of the Board of Directors of Misr Exchange Company, owned by Banque Misr, said that the proceeds of customers’ foreign currency concessions in all branches of Misr Exchange Company, which amount to 71 branches spread across Egypt’s governorates, have mounted to EGP 3.150 billion.

Meanwhile, Mohamed Ragaei, chairman of Ca
iro Exchange, owned by Banque du Caire, stated that the foreign currency proceeds in the company’s 12 branches have exceeded EGP 370 million.

The Central Bank of Egypt said that unifying the exchange rate is a very important measure that contributes to eliminating the accumulation of demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.

Source: State Information Service Egypt