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Sunday, 20 August 2017

Egyptian banks collect $19.2 bln in foreign currency since pound flotation: CBE

Local lenders had opened a number of letters of credit worth some $6.3 billion to import petroleum products over the last year

Ahram Online , Wednesday 19 Apr 2017
CBE
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The yield of cash in foreign currencies collected by Egyptian banks since November 2016 has reached $19.2 billion, Ahram Arabic news website reported on Tuesday, citing a statement by the Central Bank of Egypt (CBE).

The CBE said that the local lenders had opened a number of letters of credit worth some $6.3 billion to import petroleum products over the last year.

The CBE decided in early November to float the pound against the dollar and raise key interest rates as part of a set of reforms aiming to revive the country's flagging economy.

According to the CBE, the country's foreign reserves rose to more than $28.5 billion by the end of March, from $26.5 billion the month before.

Egypt's economy has been struggling since the 2011 uprising, with a sharp drop in tourism and foreign investment, two main sources of hard currency for the import-dependent country.

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