The volume of cash flows into the Egyptian economy since the flotation of the pound in November 2016 has exceeded LE100 billion, Central Bank of Egypt (CBE) Governor Tarek Amer announced in a press statement on Tuesday. Foreign reserves have been rising on a monthly basis since October 2016, according to the CBE. CBE sources also announced in January that Egypt had repaid $30 billion of debt to foreign bodies in 2017. Ismail Hassan, the former Governor of the CBE, said that Egypt’s foreign debts remain within a safe limit. He added that Egypt’s foreign reserves had not been affected by debt repayments.

Source: Egypt Independent February 06, 2018 12:00 UTC