C.bank chief says foreign currency inflows to Egypt’s bank system $80bn since float

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Foreign currency inflows into Egypt’s banking system have reached $80 billion since the central bank floated the Egyptian pound last year, said governor of Central Bank of Egypt (CBE) Tarek Amer 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.
Source: Reuters