The head of the Federation of Egyptian Banks and the head of Banque Misr, Mohamed El-Atreby, said that the dollar liquidity in banks is good, but not of the size required to open letters of credit.
Al-Atribi added, in statements to Al-Arabiya, that every bank moves in financing documentary credits according to its dollar sources.
He explained that there is a current decline in dollar sources for banks due to the parallel market And the price of the dollar was raised exaggeratedly.
He continued, “We are expecting that the International Monetary Fund’s approval of Egypt’s loan will play a role in eliminating the parallel market.”
He stated that giving up the dollar in banks is very limited due to the parallel market.
He emphasized that Egypt succeeded in eliminating the parallel market in 2016, with the government’s cooperation with the Central Bank.
