Egypt raises USD925 in Foreign investments since Wednesday

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(MENAFN) Foreign investors transferred over USD925 million into the Egyptian foreign trade market in the three days since its currency massively devalued last week, Egypt’s central bank mentioned in an announcement on Monday.

The Egyptian pound declined to around 32 to the dollar from 27.60 at the start on Wednesday ahead of regaining to 29.61 pounds by the close of Monday.

Further foreign currency from domestic sources, remittances from Egyptians operating abroad and tourism flowed as well into the market during the last three business days, the central bank announcement also mentioned.

Egypt sworn it would alter to a “durably flexible” trading rate when it gained a deal with the IMF for a USD3 billion economic backing package in October.

It went to the IMF for support following Russia’s conflict in Ukraine pushed up its bills for wheat and oil whereas facing a blow to tourism from two of its biggest markets, Ukraine and Russia, a key source of hard currency.

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