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$57 billion cash flow into Egypt's banks in 8 months

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Staff Writer | July 10, 2017
Cash inflows into Egypt's banking system totalled more than $57 billion since Egypt floated its currency in November, Egypt's central bank governor told al Akhbar newspaper on Sunday.
Egypt bank
Africa   The central bank said:
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Egypt floated the pound to help attract foreign capital as part of a three-year $12-billion International Monetary Fund loan.

Faced with accelerating inflation, Egypt's central bank on Thursday raised its key interest rates by 200 basis points for the second policy meeting in a row.

Egypt's central bank governor Tarek Amer told Egyptian newspaper al Akhbar the decision to raise rates would encourage dollar holders to exchange them for pounds.

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