Foreign currency inflows register $1B in 2 days: CBE governor

CAIRO – 28 May 2017: Foreign currency inflows into the Central Bank of Egypt (CBE) and the banking system have registered $448 million last Thursday, CBE Governor said on Sunday.

The initial statistics for Sunday indicate that the Egyptian banks received more than $400 million, Amer said, noting that around $1 billion inflow was recorded in two working days at the banks.

These unprecedented numbers reflect the success of the progressive monetary policy adopted by the CBE, he added.

In an unexpected move last week, the CBE decided to surge its deposit rate to 16.75 percent from 14.75 percent and its lending rate to 17.75 from 15.75 percent.

This was the first similar action since the CBE raised the rates by 300 basis points the same day it free-floated the Egyptian pound on November 3.