China-Africa TEDA Investment Co., Ltd.

More major Egyptian commercial banks open RMB business

Release time:

2019-12-09 00:00

More major Egyptian commercial banks open RMB business
Source: Xinhua News Agency
Reporter: Wu Danni


The reporter learned from the Economic and Commercial Counselor's Office of the Chinese Embassy in Egypt on the 2nd that the Bank of Egypt and the Egyptian Commercial International Bank have recently obtained approval from the Egyptian regulatory authorities to open RMB business, which can handle exchange, settlement, and issuance of letters of credit for enterprises.
Prior to this, Qatar National Bank (Egypt) and HSBC Bank (Egypt) have both opened RMB business, and the National Bank of Egypt has also obtained relevant licenses to carry out RMB business.
The Economic and Commercial Counsellor said that most of Egypt's major commercial banks have been approved to open RMB business, and Chinese enterprises can actively consider using RMB for settlement in trade and investment business with Egypt. If you need to know more about specific matters, you can also contact the Economic and Commercial Counsellor.
At the end of 2016, the People's Bank of China and the Central Bank of Egypt signed a bilateral local currency swap agreement with a scale of 18 billion yuan/47 billion Egyptian pounds, aiming to facilitate bilateral trade and investment and maintain financial stability between the two countries.



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