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| 19 September, 2017

Egyptian banks have provided $55.1bln to fund trade since currency float- c.bank official

A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016.  Image used for illustrative purpose.

A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
CAIRO- Egyptian banks have provided about $55.1 billion to fund trade since the country floated its currency in November last year, a central bank official told Reuters on Tuesday.

The banks were able to extend up to $40 billion in documents for collections (IDCs) and letters of credit, and open new letters of credit for up to $15.1 billion dollars, the source said.



(Reporting by Ehab Farouk; Writing by Nadine Awadalla and Arwa Gaballa; Editing by Catherine Evans) ((Nadine.Awadalla@thomsonreuters.com;))