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Foreign currency inflows for Egyptian banks at $19.2 bln since flotation -central bank
April 18, 2017 / 1:32 PM / 7 months ago

Foreign currency inflows for Egyptian banks at $19.2 bln since flotation -central bank

CAIRO, April 18 (Reuters) - Foreign currency inflows into the Egyptian banking system have reached $19.2 billion since the Egyptian pound was floated in November, the central bank said on Tuesday.

The central bank raised interest rates by 3 percent and abandoned its currency peg of 8.8 pounds per dollar on Nov. 3, causing the pound to halve in value.

The moves were intended to unlock foreign currency inflows and end a black market for dollars that had sucked foreign currency from the banking system. (Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by Louise Ireland)

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