National Bank of Egypt’s (NBE) US dollar proceeds stood at $45 billion since the liberalisation of the exchange rate, the lender’s deputy chairman said on Wednesday.
The biggest state-run bank’s US dollar proceeds amounted to $3 billion in the first two months of this year, Yehia Abu El-Fotouh told Mubasher in a phone interview.
The proceeds are being used in financing commercial transactions, Abu El-Fotouh highlighted.
The Egyptian pound rose against the USD mid-Wednesday by EGP 0.1 to EGP 0.3 at national banks.
The Central Bank of Egypt’s (CBE) governor Tarek Amer previously told Bloomberg News that the USD/EGP exchange rate would see further volatility following the shutdown of the system allowing foreign investors to repatriate dollars.