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Egyptian Pound strengthens fractionally, unchanged on black market - Daily News Egypt

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Egyptian Pound strengthens fractionally, unchanged on black market

Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up …


Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market.

The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up to $40m.

On the black market, a trader said the dollar was offered at 7.33 pounds on Monday, unchanged from a day before.

The central bank introduced dollar currency sales a year ago. Last week it held a $1.5bn exceptional auction, its largest ever, to restock the market with much needed dollars and fight the unofficial currency market.

The central bank has burned through at least $20bn – roughly half its reserves – supporting the pound since Egypt’s 2011 uprising scared off tourists and foreign investors.

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https://www.dailynewsegypt.com/2014/02/03/egyptian-pound-strengthens-fractionally-unchanged-black-market/
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