CAIRO – Foreign currency proceeds of exchange companies affiliated to the National Bank of Egypt (NBE), Banque Misr and Banque du Caire have increased to some EGP 7.2 billion since the floatation of the Egyptian pound on March 6.
In statements to MENA, Al Ahly Exchange Chairman Abdel Meguid Mohieldin said the company has collected EGP 4 billion pounds worth of Arab and foreign currency proceeds from March 6 until Wednesday night.
For his part, Chairman of Misr Exchange Company Adel Fawzy said that the company’s foreign currency proceeds since the liberalization of the exchange rate amounted to 2.850 billion pounds.
Fawzy said that most of the transactions were USD sales at 62%, followed by the euro at 17%, then the Saudi riyal at 15%, then the pound sterling at 1.4%, and finally the Emirati dirham at 1%.
Mohamed Ragaei, the chairman of Cairo Exchange, said the company has collected 331 million pounds.
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