With the current fluctuations in the Egyptian economy and the unstable currency prices, Egypt has been taking drastic measures as means of stabilizing the US Dollar’s rising exchange price by rationing dollars through auctions with commercial banks, giving priority to imports of strategic goods,sells around $120 million a week.

In an attempt to increase their dollar resources, Egypt’s three state banks, Banque Misr and the National Bank of Egypt and Banque du Caire began offering in February dollar denominated certificates of deposits with attractive yields to Egyptians living abroad.

And now Egypt’s second-largest state owned bank, Banque Misr, is in talks with a foreign financial institution for a 300 million euro syndicated loan to increase its foreign currency reserves.

The Negotiations is said to be settled in 6 month.

Sources: Reuters

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