Hany Genena, head of research at Beltone Financial Holding, said that the Central Bank of Egypt (CBE) will not pose an exceptional US dollar tender on Thursday, after CBE Governor Tarek Amer met with heads of research departments at investment banks.
He told Daily News Egypt that the governor described the move as full flotation, adding that Amer stressed that the CBE’s role will only be to supervise the market, where the exchange market will be left to banks and supply and demand mechanisms.
Genena added that Amer said that the currency exchange agreement with China will be signed within two weeks to receive $2.7bn.
He noted that the CBE Governor said during the meeting that the International Monetary Fund will process the final approval for the $12bn loan before the end of November. “Egypt will receive more than $5bn within one month, from the IMF and China,” Amer said, according to Genena.
