Egypt's Major FX Companies Collect EGP 15.5 Billion in Foreign Currency since Pound Liberalization

Three exchange companies affiliated with the three largest government banks, namely the National Bank of Egypt (Al-Ahly Exchange), the Banque Misr (Misr Exchange), and the Banque du Caire (Cairo Exchange), have succeeded in attracting foreign exchange amounting to 15.5 billion pounds, since the liberalization of the exchange rate on March 6.

On his part, Abdel Maged Mohieddin - President of Al-Ahly Exchange Company, said in statements to the Middle East News Agency - that the company’s proceeds from concessions on foreign and Arab currencies in favor of the Egyptian pound amounted to 8.6 billion pounds by the end of yesterday’s work.

Noting that 65% of the total proceeds were from the dollar transfer, other currencies came in second place, such as the “Saudi riyal, the UAE dirham, and the European currency, the euro,” and the rest were from less widely traded currencies.

Adel Fawzy, Chairman of the Misr Exchange Company, revealed- that the proceeds from foreign and Arab currencies amounted to 6.1 billion pounds at the end of yesterday’s work.

Fawzy explained that the dollar had the largest share at 62%, followed by the euro at 17%, then the Saudi riyal at 15%, then the British pound at 1.4%, the UAE dirham at 1%, then the rest of the other currencies at 1.5%.

In the same context, Mohamed Ragaei, CEO of Cairo Exchange, said that the proceeds amounted to approximately 737 million pounds.