CAIRO Feb 9 National Bank of Egypt (NBE), the
country's largest state bank, has financed about $5 billion
worth of imports since the Egyptian pound was floated in
November, Deputy Chairman Yehia Aboul Fotouh said on Thursday.
"We have no suspended import operations," he told Reuters.
"The bank gathered some $2.8 billion given up by individuals
from the liberalisation of the exchange rate until now."
Before the pound was floated on Nov. 3, Egypt's banking
system suffered from a shortage of dollars. Only importers of a
limited number of essential commodities could get foreign
currency from the banks.
They were forced to turn to a black market that burgeoned
under the fixed exchange rate, paying sometimes twice the
official rate for dollars. The flotation has tempered the black
market and revived foreign currency flows via the banks.
(Reporting by Afaf Ammar, Writing by Lin Noueihed, editing by