Egyptian banks have provided more than $2.2 billion to clients since the pound was floated, Reuters reported, citing Egypt’s cabinet information centre statement on Wednesday.
The central bank abandoned its peg of 8.8 per dollar on Nov. 3. On Wednesday, it let the pound change hands at about 15.25/15.95 to the dollar.
“Banks are working on providing all the real foreign currency needs of clients, and the central bank clarified that the banking sector injected more than $2.2 billion to cover clients’ needs… in the period starting from the decision to float the pound up until Nov. 14,” it said in a statement.
