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FINANCIAL NEWS
Egypt receives USD1bn of inflows since currency float
11 Dec 2016
(MENAFN) Egypt’s central bank proclaimed that the country had received inflows of almost USD1bn in the month since it floated the pound in the currency markets.
Accordingly, the country delivered in portfolios until now almost USD1bn in one month that were not predicting in the first month since the float.
However, Egypt has struggled to revive its economy since the 2011 uprising scared off foreign investors and tourists.
On the other hand, before the revolution foreign investors had almost USD10bn in the Egyptian debt market so it should reach close to that once confidence has returned.
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