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CBE raises EGP value against dollar by 20 piasters - Daily News Egypt

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CBE raises EGP value against dollar by 20 piasters

The central bank will also cover 25% of the temporary credit facilities granted by banks to their clients importing in foreign currencies


The Central Bank of Egypt (CBE) devaluated the dollar to 7.83 against the Egyptian pound in the formal market.

According to three Egyptian banks, there is was no specific reason stated as to why the CBE took the decision.

Further, the CBE decided to cover 25% of the temporary credit facilities granted by banks to their clients importing in foreign currencies, according to a prominent banker who spoke to Daily News Egypt Tuesday evening.

The source said the CBE will give banks the necessary liquidity to cover 25% of their temporary credit facilities granted to importers in foreign currencies on Wednesday morning, on condition that the banks return this liquidity as a deposit within the CBE at an interest rate linked to the London Interbank Offered Rate (LIBOR).

 

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https://www.dailynewsegypt.com/2015/11/11/cbe-raises-egp-value-against-dollar-by-20-piasters/
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