Crédit Agricole collected $1bn in 6M

Crédit Agricole collected $1bn in 6M
Photo Credit: Arabianeye-Reuters
Credit Agricole CIEB -0.27% 48.87 -0.13

By: Mostafa Adel

Cairo - Mubasher: The managing director of Credit Agricole - Egypt said that the bank US dollar inflows from its customers reached $1 billion since the pound flotation until now.

Francois Edouard Drion told Mubasher on Tuesday that Credit Agricole aims at doubling the size of its operations in Egypt by expanding in electronic banking services.

The deputy governor of the Central Bank of Egypt (CBE), Gamal Negm, previously said that USD inflows into the banking sector totalled $21 billion since the decision to float the local currency and free exchange rates.

Negm also revealed that foreign currency inflows prior to the flotation stood at $6.6 billion.

On 3 November 2016, the CBE decided to float the Egyptian pound and free exchange rates.

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Source: Mubasher Exclusive