Egypt’s foreign trade reach $35 billion since currency float: official

Egypt’s foreign trade since early November, when the government floated the country’s pound until May 25 reached $35 billion, said central bank sub-governor Tarek Fayed on Wednesday.

The Central Bank of Egypt (CBE) decided to liberalise the exchange rate of the pound against foreign currencies and cut fuel subsidies on November3rd, leading to a dramatic rise in domestic prices.

The foreign trade operations include paying documents for collection and credits worth around $25 billion and opening letters of credit worth $10 billion, Fayed added in a statement.