Egypt’s central bank says $57 bln cash flow into banks in 8 months – al Akhbar

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July 8, 2017/Reuters

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 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.

(Reporting by Ali Abdelati and Ehab Farouk; Writing by Lisa Barrington; Editing by Elaine Hardcastle)