The Central Bank of Egypt (CBE) has secured a supply of $30 billion to the Egyptian government since its decision to float the pound and free exchange rates, the Governor of CBE, Tarek Amer, said.
The statement was made during a conference on small and medium business (SMEs) held on Monday.
Foreign currency flows was secured through two means, around $13 billion of which were from the banking sector, while the rest was funded by loans from international institutions, Amer explained.
The CBE’s decision to float the Egyptian pound has helped to improve US dollar liquidity levels in Egyptian banks, which helped in meeting importing demands, adding that importing orders worth around $5 billion were paused when Amer took office.
Egypt received deposits from neighboring countries worth $31 billion since 2011, declining to only $2 billion in 2016, which negatively affected foreign exchange liquidity levels.
