Cairo – Mubasher: Egypt’s foreign cash liquidity has reached $3 billion since the Central Bank of Egypt (CBE) free floated the Egyptian pound (EGP) on 3 November, said CBE Deputy Governor Tarek Fayed on Monday.

X-rate liberalization has stimulated the flow of foreign cash liquidity into Egypt’s banks and put an end to the parallel market’s manipulation, Fayed added.

“The proceedings were generated by individual transactions and money transfers. Further, Egypt saw an inflow of investment portfolios and foreign pension funds to invest in treasury bills,” Fayed said.

Last Wednesday, a source at CBE said banks have received $2.6 billion since flotation.