The National Bank of Egypt (NBE) has succeeded in providing $800m for imports since the flotation of Egyptian pound earlier in November, bank chairperson Hisham Okasha said at a conference on investing in real estate held by the American Chamber of Commerce on Saturday. He added that all sectors have benefited from these funds.
Okasha asked the participants at the conference what they think a fair price would be for the US dollar. The majority said they expect the pound exchange rate to range from $10-15. The chairperson is optimistic about the dollar exchange rate in the coming period.
As in many countries that make this move, the liberalisation of the local currency exchange rate witnessed sharp fluctuations initially, but Okasha assured that it will stabilise soon, according to the actual supply and demand.
Okasha said that now Egyptians prefer to invest in bank savings certificates with a high yield rather than investing in real estate. He is optimistic that these certificates will attract large sums of money to banks.
The Central Bank of Egypt (CBE) decided on 3 November to fully float the Egyptian pound against the dollar, allowing banks to determine the purchase and sale prices of the dollar. Since then, the dollar price has fluctuated up and down, ranging between EGP 8-15.