Major FX Companies in Egypt Collect EGP 15.5 Billion in Foreign Currency following Pound Liberalization

Three exchange companies affiliated with the three largest government banks in Egypt have successfully attracted foreign exchange amounting to 15.5 billion pounds since the liberalization of the exchange rate on March 6. The National Bank of Egypt (Al-Ahly Exchange), Banque Misr (Misr Exchange), and Banque du Caire (Cairo Exchange) have been instrumental in this achievement.

According to Abdel Maged Mohieddin, President of Al-Ahly Exchange Company, the company’s proceeds from foreign and Arab currencies in favor of the Egyptian pound reached 8.6 billion pounds by the end of yesterday. The majority of the proceeds, about 65%, were from dollar transfers, followed by other currencies such as the Saudi riyal, UAE dirham, and euro.

Adel Fawzy, Chairman of the Misr Exchange Company, disclosed that the proceeds from foreign and Arab currencies totaled 6.1 billion pounds at the end of yesterday. The dollar accounted for 62% of the share, followed by the euro at 17%, Saudi riyal at 15%, and other currencies at smaller percentages.

Additionally, Mohamed Ragaei, CEO of Cairo Exchange, reported that the proceeds amounted to approximately 737 million pounds. This success demonstrates the strength and attractiveness of the Egyptian exchange market to foreign investors and further bolsters the country’s economy.