Egyptian Banks have to collect FX inflows amounting to a USD 12.3 bn since the float of the local currency, according to an unnamed Central Bank of Egypt source, Invest-Gate reports.

Egypt banks gathered a total of USD 635 mn today and has gathered USD 550 mn on Thursday from governorates located in Upper Egypt, according to a released statement by the State Information Service.

Banks witnessed an increase in the selling of hard currency every day since the flotation, while the price of the dollar began to drop last week amid oversupply and declined demand.