Seif El Nasr: Market Free $ 170 million to open letters of credit


Hani Seif  El Nasr Chairman of the Arab Investment Bank said that the dollar was expected with the decline in demand to buy it back, and the success of banks in the management of its customers' needs of importers and individuals of the US currency, adding to the dollar's decline confirms the success of the economic decisions that have been followed.


He added that the last week has seen a high demand from customers for disposal of US Currency at banks, where he remained customers flock to branches after 8:00 PM, expecting to continue the US currency to decline over the coming period, and stressed that the dollar will fall below the level of 17 pounds during the coming period.


Customers were advised not to get carried away with talk about the fluctuation of the dollar towards the ups and downs, and stressed that he must care about the extent of banks' ability to provide foreign exchange to their customers from importers and individuals, which has already succeeded in it since the Floating of the exchange rate decision on November 2016.


He said Seif al-Nasr, the Arab Investment Bank managed to measure acknowledges from $ 170 million to manage the needs of letters of credit customers and within two months, as predicted continued Iqbal clients to sell the dollar, and predicted a stable exchange rate after 6 months from the liberalization of the exchange rate decision.


The Hani Seif The Arab Investment Bank is 2017 in the small and medium enterprises, and seeks to expand in the financing of this promising sector, which is in line with the state trend towards strengthening the productive economy, rather than relying on the consumption pattern which led to increased pressure on the dollar.


He revealed the success of increasing the financing granted to small and medium enterprises portfolio to 3.5 billion pounds, and said it was scheduled to increase by about 2 billion pounds, the bank will allocate one billion pounds to fund City Furniture in Damietta, so as to contribute to the creation of employment opportunities for young people.

 He stressed Seif El-Nasr said the bank is keen to expand in the financing of all the productive sectors of the economy, pointing out that the total portfolio scored about 9 billion pounds compared to 3 billion pounds, and increased the target by 50% during the current year 5.4 billion pounds, of which 2 billion pounds of small and medium enterprises

World today 21/02/2017