CBE has allocated USD 23 bn towards foreign trade since EGP float

The central bank allocated USD 23 bn to finance foreign trade since the EGP float last November, according to a statement from the Ismail cabinet following a meeting between CBE Governor Tarek Amer and Prime Minister Sherif Ismail on monetary policy. The statement and an official notice from the CBE confirmed CBE Assistant Sub-Governor Rami Aboul Naga’s comments on Sunday that FX reserves have hit USD 28.5 bn — the highest they have ever been since March 2011 — and that the banking sector drew in USD 17 bn since the float.