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Egypt’s government exchange companies earn LE 2.1 billion from foreign currencies

The branches of Al-Ahly Exchange, Misr Exchange, and Cairo Exchange, companies affiliated with the three largest government banks, reaped the equivalent of about LE 2.1 billion within nine days, after the Central Bank of Egypt’s decisions, from the proceeds of foreign currency concessions.

The chairman of Al-Ahly Exchange company of the National Bank of Egypt, Abdel Meguid Mohie al-Din revealed that the proceeds of concessions on foreign and Arab currencies in favor of the Egyptian pound amounted to LE 1.171 billion, since CBE’s recent decisions.

Mohie a-Din said that Thursday’s proceeds amounted to LE238 million, explaining that 65 percent of the total proceeds were a waiver of the US dollar.

Other currencies came in second place, such as the Saudi riyal, the UAE dirham, and the euro, while the rest were in smaller currencies, he added, noting that the total proceeds on Friday were LE 190 million.

There is a strong desire on the part of the public to give up foreign and Arab currencies in favor of the pound, he noted, because there is one acceptable price through which it can be dealt with.

Thus it works to stabilize the currency exchange market and eliminate the parallel market, he explained, adding that the price of the dollar in the National Bank of Egypt is LE 47.80 for purchase, and LE 47.90 for sale.

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