RIYADH: Egypt boosted its dollar revenues by about 30 percent after it devalued its own currency in March, according to the governor of the country’s Central Bank.
Tarek Amer described the move as a “correction” at the time, as the Egyptian pound dropped to 18.17-18.27 against the dollar, having previously traded at around 15.7 pounds to the dollar since late 2020.
Speaking at the Arab Banking Conference in Cairo, Amer said the move has led to an increase in dollar revenues, although he did not clarify what these are, Asharq reported.
He added that the foreign currency liquidity’s rate of increase has reached 67 percent.
The ratio of loans to deposits in the Egyptian banking system is currently around 48 percent, Amer said
The devaluation of the pound came after weeks of pressure on the currency as foreign investors pulled out billions of dollars from Egyptian treasury markets following Russia’s invasion of Ukraine.
