Egyptian banks attract $3 billion since pound float: c.bank official

Egyptian banks have attracted around $3 billion since Egypt floated its pound earlier on November 3rd, central bank deputy governor Tarek Fayed said at a conference on Monday.

The central bank floated the pound on November 3^rd in a dramatic move welcomed by businesses as the key to unlocking investment. It devalued the currency by about a third from the former peg of 8.8 against the dollar and allowed it to drift lower.

The pound initially fell to a rate of roughly 18 to the dollar, in line with prices quoted on the country’s currency black market just days before the float.