The Central Bank of Egypt confirms that the banking system has played an effective role in releasing goods in ports worth about USD 5 billion since the beginning of this month, to meet the needs of the market.
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The institution issued an initiative to guarantee import operations through covering risks associated with issuing letters of credit.
The Central Bank created a credit line for tourism enterprises to pay salaries and suppliers after the cancellation of 80% of reservations.
The Central Bank said local financial institutions saw USD 3.7 billion worth of gross profit between them year-to-date through September.
After dropping to USD 11.5 billion late last year, foreign holdings in Egyptian treasuries increased again.
