CAIRO – Misr and Al Ahly exchange companies, which are affiliated to Banque Misr and the National Bank of Egypt (NBE) respectively, said that customers have sold foreign currency worth over LE5.4 billion following the Central Bank of Egypt (CBE)’s decision to float the currency.
In exclusive statements to MENA on Sunday, Al Ahly Exchange Chairman Abdel Meguid Mohieldin said the company collected over LE3.100 billion in Arab and foreign currency proceeds since the exchange rate liberalization decision on March 6 until Saturday.
For his part, Chairman of Misr Exchange Company Adel Fawzy said that the company’s foreign currency proceeds have surpassed LE2.300 billion.
Fawzy said that most of the transactions were USD sales at 64%, followed by the euro at 17%, then the Saudi riyal at 15%, then the pound sterling at 1.4%, and then the Emirati dirham at 1%.
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