The Central Bank of Egypt (CBE) on Tuesday provided $120m to banks operating in the Egyptian market in need of foreign currency, as part of its periodic US dollar bid .
Osama El-Menilawy, assistant general manager of the financial sector at a private bank operating in Egypt, said the CBE urged the banks that received US dollars to cover the demands of importers whose intermediate goods are stuck in customs. This move aims to speed up the release of these goods.
El-Menilawy added that the CBE on Tuesday morning had asked the departments responsible for issuing letters of credit in banks to submit reports of the requests of customers whose intermediate goods are stuck in customs.
The CBE sold this US dollar bid at a price of EGP 8.78 per US dollar, keeping the US dollar price at its level since March. The banks sell the US dollar at a price of EGP 8.88.