Daily withdrawals from branches of Banque Misr abroad reached an average between $570,000 and $600,000, Hapi Journal reported on December 27th, citing the bank’s Chairman Mohamed El-Etreby.

That average surged to $3.1 million daily in November and $10 million in December, El-Etreby revealed, noting that such practices were a waste of Egypt’s resources.

The top executive added on a phone call to a Cairo tv show that Egypt was rich in USD resources, which amounted to more than $90 billion, including $43 billion in export, $7 billion in Suez Canal revenue, $33 billion in remittances, and $11 billion from tourism, in addition to foreign direct investments.

However, these resources could not be found, El-Etreby commented, highlighting that some Egyptians were transferring remittances by hand, which is a waste of the state’s foreign currency resources.

On December 26th, the Central Bank of Egypt announced that it discovered a set of illegitimate foreign currency exchange practices destabilizing Egypt's monetary and financial stability.

 

 

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).