May 14, 2018 / 7:34 AM / 8 days ago

UPDATE 1-Egypt's foreign inflows exceeded $120 billion since 2016 pound float- Cbank head to paper

(Adds details and background)

CAIRO, May 14 (Reuters) - Egypt’s Central Bank Governor said foreign inflows had exceeded $120 billion since its pound currency was floated in November 2016, state newspaper Al-Ahram quoted him as saying on Monday.

Tarek Amer also said Egypt would make a debt payment of $850 million to international oil companies, without specifying when.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

Cairo has promised to eliminate those arrears by the end of June 2019 and not accumulate more, part of efforts to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.

Amer also said that Egypt was not worried about its levels of foreign debt, which hit $82.9 billion at the end of December.

“Our capabilities are much more and we can bear much more foreign debt, and this is in according to global indicators and according to our capabilities of inflows and reserves,” he said.

Egypt’s net foreign reserves rose to $44.030 billion at the end of April from $42.611 billion at the end of March.

Reporting by Ehab Farouk; editing by John Stonestreet

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