QNBA Chairman gives Central Bank props for reaching settlement on pre-float LCs

CBE gets props for helping settle pre-float LC crisis: The Central Bank’s intervention to help companies settle their pre-float LCs received praise on Wednesday from QNBA Chairman Mohamed El Dib, who told Al Masry Al Youm that the banks are in favor of the agreement as it will keep clients in good standing. Companies with LCs under USD 5 mn will repay the debt in local currency at a 12% interest rate over a two-year stretch, while those with larger debts will be dealt with on a case-by-case basis, El Dib says.