Central Bank of Egypt - File Photo
CAIRO – 15 August 2017: The banking sector has collected $47 billion since the floatation of the Egyptian pound from the foreign trade transactions, the Central bank of Egypt’s (CBE) Sub-Governor at the Banking Supervision Unit Tarek Fayed said Monday.
Speaking at a forum organized by the Middle East News Agency (MENA), Fayed added that the sum included $34 billion current documentary letters of credit and $13 billion new provisions.
Moreover, Assistant Sub Governor of the CBE Rami Aboul Naga told Bloomberg News last week that Egypt attracted $40 billion through investments and remittances since the devaluation of the Egyptian pound.
Egypt issued $7 billion in Eurobonds sales in January and May on the global bond market, which were both oversubscribed, as announced by the Ministry of Finance in time.
Egypt's foreign reserves jumped $4.73 billion in June to reach $36.04 billion, CBE said on August 1, recording the highest level since the 2011 political uprising.
On November 3, 2016, the Central Bank of Egypt (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 floatation was also essential for Egypt to obtain a $12 billion loan from the International Monetary Fund (IMF).
CBE has surprisingly raised its benchmark interest rates by 200 basis points on July 6 for the second time in 2017.
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