Over $5m sold to NBE in few hours

Over five million dollars were sold to the National Bank of Egypt (NBE) in the past few hours after a decision to liberalize the exchange rate of the Egyptian pound by the Central Bank of Egypt, NBE Chairman Hesham Okasha said.

Speaking to Al Arabiya TV channel over the phone, Okasha said that the free movement of the currency at the banking sector according to free exchange rates will earn resources in the coming period.

Asked about the fair exchange rate of the Egyptian pound against the US dollar, he said that international reports put it from 11 to 12 pounds.

The collapse of the parallel market yesterday from EGP 18.25 to EGP 11 for the US dollar shows how fragile it is and how it is built on rumors and speculations, he said.