Foreign currency trading on interbank system climbs to USD 14.5 bn, Amer says

Foreign currency trading on the interbank system domestically climbed to USD 14.5 bn since the EGP float in November 2016, Central Bank Governor Tarek Amer told Bloomberg. The current volume increased from the USD 9 bn reached last September, which Bloomberg says reflects growing confidence. “The continued growth in activity in the interbank market comes as foreign holdings of Egyptian Treasury bills have stabilized around USD 19.5 bn over the past two months. The standstill suggests that foreign investors may have maximized their allocations to Egypt’s high-yield debt.”