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FINANCIAL NEWS
Egypt’s banking system gets USD54bn since pound inflation
04 Jul 2017
(MENAFN) The proceeds of dollar cash flows in the banking system since the decision to float the Egyptian pound in Nov were predicted at more than USD54bn.
Moreover, the proceeds are divided between USD25bn in funding packages, USD20bn in dollar concessions from the regional market and remittances from Egyptians working abroad.
Accordingly, banks have achieved net additional liquidity of more than USD8bn, in addition to the proceeds from the dollar concessions and the CBE”s reserves, which surpassed USD31bn.
In addition, the developed economic climate in the country since the decision has collaborated to improving liquidity rates in the banking system.
MENAFN0407201700450000ID1095596709
MENAFN0407201700450000ID1095596709
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