Egypt’s foreign trade record $28 billion since currency float: official

Egypt’s foreign trade since Nov 3^rd, when the government floated the country’s currency, until April 10^th recorded $28 billion, said central bank sub-governor Tarek Fayed on Sunday.

The Central Bank of Egypt (CBE) decided to liberalise the exchange rate of the pound against foreign currencies and cut fuel subsidies on November3^rd, leading to a dramatic rise in domestic prices.

CBE said a week earlier that the foreign currency inflows into the Egyptian banking system reached $19.2 billion since the pound currency was floated in November.

“Banks operating in the country have opened letters of credit worth around $6.34 billion to cover petroleum imports during the period from January 2016 to December 2016.” Fayed added.