Egypt’s banking sector provides $2B of importers’ requests within 3 days

CAIRO -16 January 2023: The Egyptian banking sector has covered more than $2 billion in requests from Egyptian importers during the past three days, in addition to covering other requests for Egyptian bank clients, according to the Central Bank of Egypt (CBE).


The CBE elaborated that this confirms the ability of the banking sector to cover pending currency requests for importers as soon as possible.


It indicated that banks are promoting financial derivatives operations in the exchange market, with the aim of providing an integrated financial service that allows bank customers to hedge against the risks of exchange rate fluctuations.


The Central Bank referred, in a statement, to the large increase in banks’ foreign exchange earnings, whether from the local market, or the proceeds of remittances from Egyptians abroad, as well as from the tourism sector. 


On another note, the CBE stated that the Egyptian exchange market witnessed a great positive movement since last Wednesday, Jan. 11, as the price of the dollar rose to about LE 32 during the trading session, before the price began to decline, to record LE 29.61 by the end of Monday's trading.


Moreover, Foreign investors’ entry into the Egyptian market has also been monitored since last Wednesday, with amounts exceeding $925 million.


The indices revealed a significant boom in trading amounts in the interbank market during the past days, as trading amounts recorded an increase of more than 20 times compared to the recently recorded daily amounts.