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Egyptian banks have provided $55.1 bln to fund trade since currency float -c.bank official
September 19, 2017 / 10:04 AM / in a month

Egyptian banks have provided $55.1 bln to fund trade since currency float -c.bank official

CAIRO, Sept 19 (Reuters) - Egyptian banks have provided about $55.1 billion to fund trade since the country floated its currency in November last year, a central bank official told Reuters on Tuesday.

The banks were able to extend up to $40 billion in documents for collections (IDCs) and letters of credit, and open new letters of credit for up to $15.1 billion dollars, the source said.

Reporting by Ehab Farouk; Writing by Nadine Awadalla and Arwa Gaballa; Editing by Catherine Evans

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