Egypt’s banking system has witnessed foreign currency inflows worth USD 80 bn since the central bank floated the pound last year, Reuters quotes the Central Bank of Egypt (CBE) Governor Tarek Amer as saying.  

The CBE floated the Egyptian pound against all foreign currencies in November 2016. The move came as part of a deal to secure a USD 12 bn loan from the International Monetary Fund (IMF).

The move aimed to “unlock foreign currency inflows and end a black market for dollars that had sucked foreign currency from the banking system.”