Waiver of foreign currency records $9.5B since November: NBE

CAIRO – 20 June 2017: The National Bank of Egypt’s (NBE) total collection of waiver of foreign currency reached $ 9.5 billion (LE 171.3 billion) since the pound’s flotation in November, bank chairman Hisham Okasha said Tuesday.

The bank’s financial import transactions and letters of credit (LoCs) have been valued at $9 billion since November as well, bank Vice Chairman Yehia Aboul-Fetouh said earlier this month.

Around $25 billion has been paid in value of LoCs and more $10 billion LoCs have been opened since the pound’s flotation, according to the Central Bank of Egypt (CBE).

The total volume of foreign trade transactions done through the banking sector amounted to $35 billion from the flotation on November 3 through May 25.