In the wake of recent directives from the Central Bank of Egypt, foreign exchange firms associated with the nation’s three largest government banks have reported a substantial influx of foreign currencies, totaling nearly EGP 4.18 billion.
Al Ahli Exchange company emerges as the frontrunner, having accumulated the lion’s share of foreign currencies, amounting to EGP 2.29 billion, as confirmed by the company’s President, Abdel Majeed Mohi El Din, who anticipates further growth.
Meanwhile, Misr Exchange and Cairo Exchange have respectively collected EGP 1.7 billion and EGP 190 million since the initiation of the exchange rate floating.
The surge in foreign currency inflows follows the Central Bank’s decision on March 6 to raise deposit, lending, and main operation rates by 600 basis points, reaching 27.25 percent, 28.25 percent, and 27.75 percent respectively. Additionally, the credit and discount rates were elevated to 27.75 percent.
Reiterating its commitment to maintaining price stability in the medium term and persisting with efforts to uphold a flexible exchange rate, the Central Bank emphasized its ongoing dedication to safeguarding the nation’s financial integrity.
