Banque Misr’s yield of currency concessions exceeds $13B

CAIRO – 14 May 2018: Banque Misr has recorded a yield of more than $13 billion from customers’ foreign currency concessions since the flotation of the Egyptian currency, according to Akef al-Maghraby, vice chairman of the bank.

Maghraby added that the dollar is available at all the bank’s branches all over the country.

Egypt floated it currency in November 2016, losing 50 percent of its value, to be priced according to the mechanisms of supply and demand, and to release the freedom of foreign currency operating banks to obtain the currency through the interbank dollar mechanism.

The dollar exchange at the bank rose 4 piasters on Monday, to record LE 17.69 for buying and LE 17.79 for selling.

The bank achieved its highest profit in its history in fiscal year 2016/2017, recording a total profit of LE 14.1 billion.

Founded in 1920, Banque Misr is one of Egypt’s state-owned banks. The bank has about 14,500 employees, serving more than eight million clients in Egypt, with a total paid-up capital amounting to LE 15 billion, according to the bank’s website.

The bank has about 600 electronically integrated local branches, as well as five branches in the United Arab Emirates and one in France, in addition to subsidiaries in Lebanon and Germany, with representative offices in China and Russia.