The Central Bank of Egypt (CBE) provided $420m to local banks to cover the debt, which occurred by the different foreign currencies exchange rate due to flotation. This offer is valid for companies with debts of less than $5m and whose sales do not exceed EGP 500m. A banking source told Daily News Egypt that the CBE provided the money through the interbank market at a price of EGP 15.88 per dollar. However, the CBE will receive the money as two-year bonds provided by the banks at an interest rate of 3.65%. It is worth mentioning that banks have provided the CBE with the final list of the debtor companies on Tuesday.

Source: Daily News Egypt March 01, 2017 16:52 UTC