11:54 p.m
Tuesday, March 26, 2024
Written by Manal Al-Masry:
The proceeds of customer concessions on the dollar in 3 exchange companies owned by government banks jumped to the equivalent of about 6.4 billion pounds during the first 3 weeks of liberalizing the exchange rate, according to what the heads of the three companies told Masrawy.
The public’s demand to give up foreign currencies came after the Central Bank of Egypt decided to liberalize the exchange rate of the pound and eliminate the black market for currency trading.
Abdel Majeed Mohi El-Din, head of Al-Ahly Exchange Company, owned by the National Bank of Egypt, told Masrawy that the company’s 89 branches attracted foreign exchange equivalent to about 3.5 billion pounds during the first 3 weeks of liberalizing the exchange rate.
On March 6, the Central Bank announced a return to the policy of liberalizing the price of the pound against the dollar and other foreign currencies, leaving the determination of its value to the supply and demand mechanism, with the aim of eliminating the parallel market – the black market for currency trade, and filling the foreign exchange gap.
Adel Fawzi, head of Misr Exchange Company, owned by Banque Misr, said that the total proceeds from foreign currency concessions at the company’s branches reached the equivalent of about 2.6 billion pounds after liberalizing the exchange rate from March 6 to 25.
He explained that the dollar accounts for the largest share of concessions, at 62%.
He stressed that there is a large and unprecedented demand from individuals to give up foreign currency through legitimate channels in banks and exchange companies.
Mohamed Ragai, head of Cairo Exchange Company, owned by the Bank of Cairo, told Masrawy that the company’s revenues jumped to about 300 million pounds after the liberalization of the exchange rate.
The number of branches of the Misr Exchange Company is 12 branches spread throughout the country.
ظهرت في الأصل على www.masrawy.com