Fatshimetrie recently reported a significant increase in the foreign currency collections of three companies affiliated with Egypt’s largest government banks. National Bank of Egypt (Al-Ahly Exchange), Banque Misr (Misr Exchange), and Banque du Caire (Cairo Exchange) have indeed revealed that their foreign currency revenues have reached approximately eight billion Egyptian pounds since the liberalization of the rate of exchange.
According to Al-Ahly Exchange Company Chairman Abdel Meguid Mohie al-Din, the company’s revenue from foreign exchange concessions in favor of the Egyptian pound amounted to 4.55 billion Egyptian pounds at the end of the day last Friday.
Concession revenue for Friday alone amounted to 224 million Egyptian pounds, of which 65% came from the concession of the US dollar, while other currencies took second place, such as the Saudi riyal, the Emirati dirham, and the euro.
This increase in foreign exchange earnings highlights the positive impact of exchange rate liberalization in Egypt. By promoting flexibility in the foreign exchange market, this policy has enabled companies to better manage their foreign currency resources, thus helping to strengthen the national economy.
This new dynamic in currency exchanges should also stimulate the country’s economic activity by facilitating international transactions and encouraging foreign investments. Foreign exchange companies affiliated with large government banks are therefore key players in this process of modernization and economic development.
In conclusion, the increase in foreign exchange earnings of companies affiliated with major government banks in Egypt demonstrates the benefits of exchange rate liberalization. This policy change helps strengthen the national economy and stimulate business activity by facilitating international trade.
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