The National Bank of Egypt (NBE), the country’s largest government bank, will establish a foreign exchange company with a capital of EGP 50 million to start operating with the new year, NBE Deputy Chairman Yehia Abul Fotouh said.

The Central Bank of Egypt’s (CBE) decision to float the Egyptian pound was taken at the right time to create a unified exchange rate of the US dollar, attract investments and fight the parallel market, Abul Fotouh told MENA.

The NBE issued today two certificates of deposit at a 16% interest rate with a monthly return and the other 20% at a quarterly rate, he said.