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CBE poses exceptional tender for $100m - Daily News Egypt

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CBE poses exceptional tender for $100m

The tender will cover open currency positions in foreign currency at banks


The Central Bank of Egypt (CBE) will pose an exceptional US dollar tender on Thursday for $100m to cover open currency positions in foreign currency at banks.

The move comes to complement its decision to liberalise the exchange rate Thursday morning.

The CBE earlier allowed banks to cover their client’s letters of credit in US dollars through lending them the value of these letters. Clients will have to repay the value of these loans when they secure hard cash.

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https://cdn2.dailynewsegypt.com/2016/11/03/cbe-poses-exceptional-tender-4bn/
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