Egypt says received cash inflows of $1.7 billion in 4 days

Foreign cash inflows into Egypt’s banking system reached $1.7 billion approximately in just four working days – since Jan. 8 to date, the country’s central bank said on Monday.

The significant increase in banks’ foreign cash resources, mainly from international mutual funds’ investments in Egyptian capital markets, has helped the pound to extend robust gains against the dollar.

The Egyptian currency traded on Monday at 15.86 (buying price) and 15.96 (selling price) against the U.S. dollar. It has appreciated around 14 piasters against the dollar since Jan. 8.