Egypt central bank says foreign currency inflows to bank system $80 bln since float

Reuters , Wednesday 15 Nov 2017

Tarek Amer
File Photo: Tarek Amer (Photo: Ahram Arabic gate)
Foreign currency inflows into Egypt’s banking system have reached $80 billion since the central bank floated the pound last year, central bank governor Tarek Amer said on Monday.
The central bank abandoned a peg of 8.8 Egyptian pounds to the U.S. dollar in November 2016 as part of a deal to secure a $12 billion International Monetary Fund loan aimed at reviving the economy.
The move was intended to unlock foreign currency inflows and end a black market for dollars that had sucked foreign currency from the banking system.
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