Crédit Agricole collects $150m from clients since pound flotation

Mohamed Ayyad
1 Min Read
In first quarter of the current year, CAE achieved net profits worth $30.9m (EGP 236.2m), compared to a total of $19.3m (EGP 147.6m) in the same period last year. (AFP photo)

Crédit Agricole Egypt has collected $150m from clients since the liberalisation of the Egyptian pound, out of $3bn collected at all banks since the Central Bank of Egypt floated the national currency on 3 November, according to chairperson and managing director François Edouard Drion.

At the French Investment Conference on Tuesday, Drion told Daily News Egypt that the bank accounted for 5% of all collected US dollars across the banking sector since the flotation.

He added that Egypt’s biggest economic challenge now is relying on imports, saying that the way out is through producing and exporting. “This is a hard challenge, but it is beneficial to exploit the flotation decision,” he stressed.

He noted that the bank is not planning to reconsider the interest rates on its saving vessels, pointing out that Crédit Agricole already offers saving certificates with an interest rate of 15%.

He said Egypt’s economy has great ingredients for success, and that through benefiting from the flotation decision, the economy could be set on the right path for development.

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