Egyptians’ usage of cards abroad dropped 55% Y-o-Y in November and December 2016, a decline of USD223mn compared to the same months in 2015, following Central Bank of Egypt’s (CBE) decision to float the EGP. Data from banks indicate that payments via cards abroad reached USD68.9mn in December 2016, down 71% Y-o-Y from USD237.9mn in December 2015. November 2016 also registered a decrease of 32.2% in usage of cards abroad, reaching only USD112mn, compared to USD165.5mn in November 2015. Treasurer and Head of Reserves management at CBE, Rami Aboul Naga, said CBE had secured USD819mn financing for Egyptian General Petroleum Corporation (EGPC) and the General Authority for Supply Commodities (GASC) in January 2017, in addition to needs of government agencies and ministries worth USD430mn. Aboul Naga pointed out that Egypt had also repaid USD630mn of its dues in the Zohr filed project with the Italian company Eni in January 2017. (The Daily News Egypt)