The Central Bank of Egypt announced today in a press release that investors are back in the Egyptian market with around USD 925 mn after the flotation process started last Wednesday, 11 January 2023. the USD/EGP peaked at EGP 32 per 1 USD since the USD/EGP is traded between EGP 29.40-30.
That comes in line with the Central bank's plans to cover the pending currency request for the goods backlog at the Egyptian ports, in which the banking system, after the flotation, started to have an inflow of foreign currency from clients, which contributed to cover more the USD 2 billion in 3 days showing an acceleration in the process of generating USD inflow through the official banking system.
The CBE stated that the banks started to promote FX derivatives to offer complete financial services, including hedging tools against currency exchange fluctuations.
Previously the EGX session closed on a green note after around 33 stocks closed with +5% change representing 13% of the total trade shares during the session.
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