The Central Bank of Egypt (CBE) has provided a EGP 31b  interest-free loan over 10 years to three major banks, including the National Bank of Egypt (NBE) which will get EGP 5b, Banque Misr with EGP 16b, and Banque du Caire with EGP 10b, Al Borsa News reported.

In related news, the total foreign currency deposits amounted to EGP 321.5b, of which EGP 17.9b were in the public business sector, EGP 100.8b in the private business sector, and EGP 199.2b in the household sector, wrote Daily News Egypt.

According to the CBE’s recent press release, the bank will pursue a more flexible policy for treating the distortions in the exchange rate system, and to restore foreign exchange trading within the banking system on a regular and sustainable basis that reflects the mechanisms of supply and demand.