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Egyptian concessions on foreign currencies now at LE8 billion

Three exchange companies affiliated with Egypt’s largest government banks – the National Bank of Egypt (Al-Ahly Exchange), Banque Misr (Misr Exchange), and the Banque du Caire (Cairo Exchange) – revealed that their foreign exchange collections had risen to about eight billion LE, since the liberalization of the exchange rate.

The chairman of the Al-Ahly Exchange company Abdel Meguid Mohie al-Din explained that the company’s proceeds from concessions on foreign and Arab currencies in favor of the Egyptian pound amounted to LE4.55 billion by the end of business on Friday.

The proceeds of the concessions on Friday alone amounted to LE224 million, with 65 percent of the total proceeds were from concession of US dollar, and other currencies came in second place, such as the Saudi riyal, the Emirati dirham, and the European currency Euro.

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