Foreign currency inflows into Egypt’s banking system hit $25 bln since float

Egypt’s central bank governor Tarek Amer said Sunday that foreign currency inflows into the banking system reached about $25 billion since the central bank floated the pound currency in November, state news agency MENA reported.

The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar on Nov. 3, causing the pound to roughly halve in value since.

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