Foreign trade after pound flotation reached $28B: CBE official

CAIRO- 23 April 2017: Foreign trade transactions that took place since the flotation of the Egyptian pound on 3 November 2016 until 10 April 2017 amounted to $28 billion, the Central Bank of Egypt’s (CBE) sub-governor Tarek Fayed said on Sunday.

The decision to float the pound has eased a foreign currency crisis that almost brought the economy to stalemate. Since flotation, local banks have received $19.2 billion in foreign currencies, while Egypt's net international reserves reached $28 billion in March, the highest rate since 2011.

The CBE opened letters of credit worth $6.34 billion for importing petroleum products during 2016, according to a statement from the Central Bank.

On 3 November 2016, the CBE floated the Egyptian pound, as part of the government’s broader efforts to reform the business and investment climate in Egypt to attract much-needed investments to the country.

The float was also essential for Cairo to obtain a $12 billion loan from the International Monetary Fund (IMF).