$54B in cash flows after liberalization of exchange rate

CAIRO - 3 July 2017: A well-placed source at the Central Bank of Egypt (CBE) said the cash flows reached more than $54 billion in banks over the past seven months since the liberalization of the exchange rate in November 2016.

In statements to MENA on Monday, the source said the banks achieved additional liquidity of more than 8 billion dollars, in addition to the CBE's cash reserves that exceeded $31 billion by the end of May for the first time since the January 25 Revolution.

The Forex liquidity improved following the liberalization of the exchange rate and the improvement of the economic climate in Egypt in the recent period, the source added.

The Balance of Payments (BOP) achieved an overall surplus of 11 billion dollars, the source said.