Egypt gets $1.5 bln inflows since FX float: Official

Reuters , Wednesday 16 Nov 2016

Dollars
File Photo: The Egyptian pound held steady against the dollar at an official foreign currency auction on Sunday and on the black market, with traders limiting their transactions to regular clients after the central bank began cracking down on unofficial trading. (Reuters)

Egypt's net hard currency inflows have totalled about $1.5 billion, according to central bank data, since the Egyptian pound was floated on Nov. 3, the country's deputy finance minister Ahmed Kouchouk told reporters on Wednesday.

That is about 10 to 15 times the amount of weekly inflows which Egypt obtained before the flotation, Kouchouk said on the sidelines of a conference in Dubai.

Foreign inflows are expected to keep increasing, he said, adding that movements of the poud since its flotation were "not a surprise or concern", Kouchouk said.

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