NBE increases exchange arm capital to EGP 125 mn from EGP 50 mn

The National Bank of Egypt (NBE) is raising the capital of its foreign exchange arm to EGP 125 mn from EGP 50 mn, Al-Ahly Exchange Company Chairman Abdel Meguid Mohie El Din tells Al Shorouk. The capital increase is in line with plans to increase the number of the company’s exchange bureaus across the country. Al-Ahly Exchange is looking to launch 13 new branches before the end of the year, bringing their total number up to 30. The number of branches is expected to reach 50 by 2020.