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Egypt's Banque Misr in talks for 300 mln euro syndicated loan

Reuters , Monday 28 Mar 2016
Egypt
Egypt's Banque Misr (Photo: Al-Ahram)
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Egypt's second-largest state bank, Banque Misr, is in talks with a foreign financial institution for a 300 million euro ($334.92 million) syndicated loan to shore up its foreign currency resources, Banque Misr said on Monday.

Egypt is experiencing a foreign currency crisis and its central bank has been rationing dollars through auctions with commercial banks, giving priority to imports of strategic goods. It sells around $120 million a week.

"The negotiations come within the framework of increasing hard currency resources at the bank. The negotiations are due to be complete six months from now, at most," Bank Misr Chairman Mohamed Mahmoud Eletreby said, without naming the bank involved in the negotiations.

Egypt's reserves fell to around $16.5 billion in February, from about $36 billion before an uprising in 2011 that drove away tourists and foreign investors, major sources of hard currency.

In an attempt to increase their dollar resources, Egypt's three state banks, Banque Misr and the National Bank of Egypt and Banque du Caire began offering in February dollar denominated certificates of deposits with attractive yields to Egyptians living abroad.

NBE and Banque Misr also started offering this month Egyptian pound certificates of deposits with an interest rate of 15 percent in exchange for foreign currency.

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Al
28-03-2016 07:18pm
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We can't control the Pound
Nothing the Central Bank or the government can do, fiscally, to stop the decline of the Pound. The only action they can take is focus on LOCAL production and LOCAL agriculture to reduce imports and hence the pressure on the Pound. Nowhere in the lengthy empty speech of the Prime Minister was this LOCAL focus been addressed. One has predicted the Pound to hit 10 and inflation to hit 20%, and sadly we are getting there; when is the time for action if not now? when the CBE Dollar reserve hits $10b?
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