Egypt’s Banks Attract $9 Billion in Inflows Since Pound Float
- Central bank says confidence in banking system is growing
- Pound floatation paved way for $12 Billion IMF Loan Deal
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Foreign holdings of Egyptian treasury bills have grown since the pound was floated three month ago, while renewed trust in the currency has sent billions of dollars into local banks.
Foreigners held 10.2 billion pounds ($540 million) worth of T-bills in December, state-run news agency MENA reported, citing central bank data and without specifying how much of that sum came from new inflows. That’s more than 10 times the 989 million pounds of foreign holdings reported in October, though still a fraction of the 60 billion pounds held before the 2011 uprising against then-President Hosni Mubarak.