date:May 09, 2014
credit from one of Egypt's state-owned banks, which is then confirmed with its own bank.
Egypt's central bank provides the cover to the Egyptian state banks.
Traders say that despite approvals by the finance ministry given to local banks to release money, on some occasions final Central Bank approval had not been granted within the usual timeframe.
They could be trying to prioritise what they will spend their foreign currency on but it's not clear why they are not giving approvals in time, a