CAIRO (Reuters) - Egypt's central bank governor Tarek Amer said on Saturday the country had received inflows of around $1 billion in the month since it floated the pound in the currency markets.
"We received in portfolios until now around $1 billion in one month that we were not expecting in the first month (since the float)," he said at a conference in Cairo.
Egypt has struggled to revive its economy since the 2011 uprising scared off foreign investors and tourists, key sources of foreign currency. On Nov. 3 it released its grip on the official exchange rate in a bid to restore confidence and attract foreign currency inflows.
Shares rallied on Egypt's stock market after the currency float as international funds bought into Egyptian stocks.
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Cairo's index of the most actively traded shares climbed near an 8-year peak in November.
"We heard that there was about $500 million that went into the stock market and a similar amount into the debt market," one Cairo based banker said.
"This is great news and we expect more to come. Before the revolution foreign investors had around $10 billion in the Egyptian debt market so it should eventually reach close to that once confidence has returned," he added.
Ditching its currency peg also helped Egypt secure a $12 billion three-year loan from the International Monetary Fund to support an economic reform program under which the government has introduced value-added tax, cut electricity subsidies and sharply raised import duties, all in the space of a few months.
(Reporting by Asma Alsharif and Ahmed Tolba; Editing by Hugh Lawson and David Evans)