Egypt’s foreign trade record $28 billion since currency float: official

Egypt’s foreign trade since Nov 3rd, when the government floated the country’s currency, until April 10th recorded $28 billion, said central bank sub-governor Tarek Fayed on Sunday.

The Central Bank of Egypt (CBE) decided to liberalise the exchange rate of the pound against foreign currencies and cut fuel subsidies on November3rd, leading to a dramatic rise in domestic prices.

CBE said a week earlier that the foreign currency inflows into the Egyptian banking system reached $19.2 billion since the pound currency was floated in November.

“Banks operating in the country have opened letters of credit worth around $6.34 billion to cover petroleum imports during the period from January 2016 to December 2016.” Fayed added.