Egypt’s biggest lender, the state-owned National Bank of Egypt has provided $7.5 billion to cover import payments since the central bank devalued the pound on November 3, an official in the bank said Monday.
The country’s central bank decided on November 3rd to freely float the local currency and raise key interest rates.
The programme aims at alleviating dollar shortage and stabilizing the national economy.
Deputy Chairman of National Bank of Egypt,Yehia Aboul Fotouh, said that the bank has collected $5.2 billion since the local currency was floated.
The National Insurance Commission is to begin enforcement of compulsory
fire insurance policies for public buildings in the country.
The regulatory body, is working with the fire service to achieve full compliance across the country.
The service will in turn get a fraction of the premium accrued to players from the policies’ implementation.
This is to help combat revenue and funding challenges faced by the fire service.
The industry’s players say they are ready to take up such risks which will help deepen the sector’s contribution to GDP.