ICEC

CBE: Egypt’s foreign trade operations at $70.8 bln since currency float

Egypt’s foreign trade has reached $70.8 billion in the period since the country floated its currency in November 2016 until December 14, a central bank statement said on Wednesday.

The foreign trade operations include paying documents for collection and credits as well as opening letters of credit.

Egypt’s central bank floated the pound on November 3rd last year to unlock foreign currency inflows and crush a black market for dollars that had discouraged people from channelling foreign currency through the banking system.

The currency float was part of a $12 billion International Monetary Fund loan programme, signed later in 2016, aimed at putting Egypt on the road to recovery after years of turmoil that drove foreign investors and tourists away.

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