U.S. dollars flow into Egypt currency market after Egyptian pound depreciation: bankers

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U.S. dollars flow into Egypt currency market after Egyptian pound depreciation: bankers

STORY: U.S. dollars flow into Egypt currency market after Egyptian pound depreciation: bankers DATELINE: Jan. 13, 2023 LENGTH: 00:01:03 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. Egypt's central bank 2. U.S. dollars 3. National banks STORYLINE: Bankers said on Thursday that hundreds of millions of dollars have flowed through Egypt's interbank market since the central bank allowed the Egyptian pound to depreciate by 13 percent. According to Reuters, one banker said that more than 800 million U.S. dollars were traded in the interbank market on Wednesday, an amount confirmed by a second banker. Egypt has been suffering a shortage of foreign currency since the war in Ukraine hit tourism revenue, raised commodity import bills and led foreign investors to pull more than 20 billion dollars out of the economy. The Egyptian pound has lost about 51 percent of its value since March. Bankers said there were signs of international institutions pouring money into Egypt ahead of Thursday's auction of local treasur

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