Egypt gets $1.5 billion inflows since pound float

Egypt’s total net hard currency inflows have reached about $1.5 billion, according to central bank data, since the Egyptian pound was floated on November 3^rd, the country’s deputy finance minister Ahmed Kouchouk told reporters Wednesday.

That is about 10 to 15 times the amount of weekly inflows which Egypt obtained before the flotation, Kouchouk said on the sidelines of a conference in Dubai.

Foreign inflows are expected to keep increasing, he said, adding that movements of the poud since its flotation were “not a surprise or concern”, Kouchouk said.

Source: Reuters