Chairman of Banque Misr for Arabia: Dollar waiver in banks is very limited due to parallel market

The head of the Federation of Egyptian Banks and head of Banque Misr, Mohamed El-Atreby, said liquidity in dollars in banks is good, but not the size needed to open letters of credit.

Al-Atribi added, in statements to Al-Arabiya, that each bank moves in the financing of documentary credits in based on your sources in dollars.

He explained that there is a current decline in sources of dollars for banks due to the parallel market and the exaggerated increase in the price of the dollar.

He continued, “We expect the International Monetary Fund’s approval of Egypt’s loan to play a role in eliminating the parallel market.”

He said giving up dollars in banks is very limited due to the parallel market.

He pointed out that Egypt managed to eliminate the parallel market in 2016, with the government’s cooperation with the central bank.

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