Foreign investors pour $925 mln into Egypt since Wednesday – Reuters.com
- Date: 17-Jan-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Egypt
Foreign investors pour $925 mln into Egypt since Wednesday – Reuters.com
CAIRO, Jan 16 (Reuters) - Foreign investors transferred more than $925 million dollars into the Egyptian foreign exchange market in the three days since its currency sharply depreciated last week, Egypt's central bank said in a statement on Monday.
The Egyptian pound weakened to about 32 to the dollar from 27.60 at the open on Wednesday before rebounding to 29.61 pounds by end-Monday.
Additional foreign currency from local sources, remittances from Egyptians working abroad and tourism also flowed into the market over the past three business days, the central bank statement added.