Egyptian banks attract $13.5 billion in inflows since pound float

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Banks in Egypt have attracted $13.5 billion in inflows since the country’s pound was floated on November 3rd, Central Bank Governor Tarek Amer said in an interview on Friday.

Amer told local broadcaster DMC in an interview that there are no pending requests from imports for dollars.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.