Egyptian Banks Attract $3 Bln After Currency FloatSource: www.export-egypt.com 11/21/2016, Location: Africa |
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 Egyptian banks have attracted some $3 billion since Egypt floated its pound earlier this month, central bank sub-governor Tarek Fayed said at a conference.
The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar on Nov. 3 in a move it hopes will unlock foreign currency inflows and end a black market for dollars. Egypt's currency peg and a decline in foreign investment after the 2011 uprising had drained the central bank's foreign reserves and forced it to ration dollars before the flotation. Central Bank Governor Tarek Amer said in comments published in a local newspaper last week that Egypt's banks had attracted about $1.4 billion in the first week after the float. |
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