CBE says $57B cash flow into banks in 8 months: al Akhbar

CAIRO – 9 July 2017: Cash inflows into Egypt's banking system totaled more than $57 billion since Egypt floated its currency in November, Egypt's central bank governor told al Akhbar newspaper on Sunday.

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.