$57 billion cash flow into Egypt's banks in 8 monthsStaff 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.
Africa The central bank said:
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. ■