NBE collects $13.5B in foreign currencies 11 months

CAIRO – 26 September 2017: The National Bank of Egypt collected more than $13.5 billion since the floatation of the Egyptian pound to date, from selling foreign currencies, Vice Chairperson of NBE Yehia Aboul Fotouh said Tuesday.

The NBE collected LE 330 billion ($18 billion) from the “Platinum” certificates with interest rates of 16 and 20 percent and investment certificates (Group B) in 11 months.

In July, NBE said that it will

hike its interest rates

on

savings accounts

by 0.5 percent as of August.


The move comes in response to the Central Bank of Egypt’s decision to raise interest rates by 200 basis points on July 7.