Egyptian Banking sector covers $2bln of importers’ requests in 3 days: CBE

PHOTO

The banking sector has covered more than $2 billion of Egyptian importers' requests during the past three days, according to a press release by the Central Bank of Egypt (CBE) on January 16th.

The sector has also covered other requests of local banks’ customers, which confirms the ability of the banking sector to cover the pending currency management requests for importers as soon as possible.

The Egyptian foreign exchange (FX) market has witnessed a positive movement since January 11th, as the US dollar rose to about EGP 32 last Wednesday before falling to EGP 29.61 at the end of January 16th’s trading.

The central bank monitored a set of positive indicators related to the FX market, embodied in a large increase in the banks' proceeds of foreign exchange; whether from the local market, or remittances from Egyptians abroad, as well as from the tourism sector.

The CBE also detected investments worth over $925 million by foreign investors in the Egyptian market since last Wednesday.

The indicators revealed a significant surge in trading amounts in the interbank market during the past days, exceeding the 20x as compared to the daily amounts recorded recently.