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Egypt's foreign exchange flows reach more than $ 80 billion

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rocky
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Egypt's foreign exchange flows reach more than $ 80 billion

Post by rocky on Tue 14 Nov 2017, 3:01 am


Egypt's foreign exchange flows reach more than $ 80 billion

22:00 - 13/11/2017



Information / follow-up ...
Egypt's central bank governor Tariq Amer said on Monday that foreign exchange inflows to the banking system amounted to more than $ 80 billion since the flotation of the pound.
The Egyptian economy began to recover gradually after bold reforms, most notably the central bank's decision to float the pound last year.
Egypt decided to liberalize the pound on November 3, 2016 under a $ 12 billion loan agreement with the International Monetary Fund.
The agreement also included reforms aimed at revitalizing the Egyptian economy, which has seen a decline in the past years before it actually begins to recover
The central bank raised the basic interest rates on deposit and lending, by 700 basis points


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