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