Foreign cash flows record $4.471B since beginning of May

CAIRO – 23 May 2019: The total foreign currency flows to Egypt since the beginning of May 2019 have so far reached a record of $4.471 billion, including $1.2 billion this week alone, a senior official at the Central Bank of Egypt (CBE) said.

He noted that these flows confirm confidence in the performance of the Egyptian economy.

The dollar fell against the Egyptian pound by 92 piasters since the beginning of 2019, supported by foreign exchange flows from multiple sources.

Assistant undersecretary of the Central Bank of Egypt for managing cash markets and investing in international reserves said earlier that total foreign cash flows to Egypt have reached $24.765 billion from January to present.

In April, Governor of the Central Bank of Egypt (CBE) Tarek Amer said foreign cash flows from different sources have recorded $130 billion since the Egyptian pound exchange rate liberation in November 2016.

The price of the currency is a “thermometer” of the performance of the economies of countries, and the flow of dollars and capital in foreign currency helps to strengthen the currency.

The exchange rate in Egyptian banks is determined according to the mechanism of supply and demand, and the more the dollar supply is and the less the demand is, the lower the dollar price is.