Egypt's major commercial banks start RMB business


Photo: VCG

CAIRO, Dec. 2 (Xinhua) -- Egypt's major commercial banks have started RMB business, the Economic and Commercial Counsellor's Office of the Chinese Embassy in Egypt said on Monday.

The banks, including the Banque Misr, the Commercial International Bank, and the National Bank of Egypt, now provide RMB-related currency exchange, settlement of accounts and issuing letter of credit services for enterprises, said the office.

The central banks of the two countries signed in 2016 an 18-billion-yuan (about 2.56 billion U.S. dollars) bilateral local currency swap agreement, which aims to facilitate bilateral trade and investment, and to help maintain financial stability in the two countries.