Cairo – Mubasher: Egypt saved about $47 billion from foreign trade operations since the liberalisation of the exchange rate, deputy governor of the Central Bank of Egypt (CBE) Tarek Fayed said.
Savings involved $34 billion in confirmed letters of credit and $13 billion of new letters of credit, Fayed said in a seminar organised by the Middle East News Agency (MENA) on Monday.
Rami Aboul Naga, head of reserves management at the CBE, said last week that Egypt received about $40 billion through investments and transfers from abroad since the liberalisation of the exchange rate, according to Bloomberg.
Earlier this month, the CBE announced that foreign cash reserves surged by $4.7 billion to $36.036 billion in July, reaching the same level prior to the revolution of January 2011.
