Banque Misr attracted $850m since pound flotation decision

Board Chairman of Banque Misr Mohamed el Etreby said the bank attracted large dollar resources, amounting to some US$ 850 million since Egypt floated the pound on November 3. 

Etreby told reporters on Sunday that the bank honored all requests of importers for different goods. 

The bank opened letters of credit hitting 1.370 million dollars since the pound flotation decision, he said. 

Etreby said the volume of its certificates with 20% interest rate reached 59 billion pounds and certificates with 16% interest rate hit 12 billion pounds.

Etreby added the increase in interest rates for certificates is just transitory, for it is attributed to inflation.

Government banks play a national role, he said, expecting certificates with 20% interest rate would be cancelled and those with 16% interest rate will only remain after economic indexes improve