Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany
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Egypt has cleared a multibillion-dollar backlog of foreign-currency requests from importers and foreign companies since floating the pound in November, a central bank official said, the latest sign that the economy is recovering from a paralyzing dollar shortage.Increased transparency from the central bank, in line with its commitments to the IMF, was welcome and would help to reassure investors, she said.The central bank official said the increased availability of foreign currency in the banking system had boosted trading on the interbank system, as some banks were now selling their surplus dollars through it. The state-run oil company Egyptian General Petroleum Corporation received foreign-currency allocations of $6 billion between November and July for new trade deals, the official said, as well as $2 billion to pay part of its arrears to international oil firms built up during the dollar crunch.
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