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Egypt says foreign currency inflows into banking system at $25 bln since float -MENA
May 28, 2017 / 3:44 PM / 7 months ago

Egypt says foreign currency inflows into banking system at $25 bln since float -MENA

CAIRO, May 28 (Reuters) - Egyptian Central Bank Governor Tarek Amer said foreign currency inflows into the banking system reached about $25 billion since the central bank floated the pound currency in November, state news agency MENA said on Sunday.

The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar on Nov. 3, causing the pound to roughly halve in value since.

The move was intended to unlock foreign currency inflows and end a black market for dollars that had sucked foreign currency from the banking system. (Reporting by Mostafa Hashem; Writing by Eric Knecht; Editing by Ahmed Aboulenein)

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