FX sales proceeds at USD1.3-1.4bn in post-float week, CBE Governor says
The Central Bank of Egypt (CBE) Governor, Tarek Amer, said sales proceeds of FX at banks reached USD1.3bn during the first week, following floatation decision taken on 3 November, according to Al Borsa, while Al Mal also cites Amer for a different figure of USD1.4bn. The CBE has cleared all dollar backlog abroad before the decision was taken, he said, adding that backlogs were only held by state-owned banks. In parallel, EGP70bn have been brought in from the newly-offered certificates of deposits, Amer said. (Al Borsa, Al Mal)
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