In largest deal since 2011, exchange company sells US$2.5 million to NBE

Egyptian Exchange Company and state-run National Bank of Egypt (NBE) struck the largest foreign currency deal in the local market since 2011 on Thursday.
The executive director of the company, Youssef Farouk, told Al-Masry Al-Youm that they had sold US$2.5 million to the NBE for LE40 million at the price of LE16.90 per US dollar.
The transaction happened on Thursday morning and the Central Bank of Egypt was informed of the process, Farouk said.
He added that this sum of US dollars had been obtained from the company’s transactions at branches throughout Egypt, and that it had decided to cede it after the floatation of the currency over a week ago.
The company is one of NBE's contractors for supplying US dollars. Prior to this deal, it has sold US$1.5 million to the same bank.

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