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English news

01-Feb-2016

National Bank of Egypt sold USD2.5 billion in three months to cover imports

Egypt's biggest lender, the state-owned National Bank of Egypt, provided more than USD2.5 billion to cover import payments in the last three months as the country faces a currency crisis, Chairman Hisham Okasha told Reuters in an interview. "During November, December and January we opened letters of credit worth more than USD2.5 billion to meet import payments," Okasha told Reuters. Okasha also said his bank aims to increase its deposits and loans portfolio by around 15% by the end of 2015/16. "Deposits reached more than EGP485 billion by the end of December 2015 while loans reached around EGP178 billion," Okasha said. (Reuters)

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