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Denmark’s Saxo Bank is investigating the possibility of adding the Egyptian Exchange to the list of global stock markets for which the bank allows stock trading by the end of 2015, according to Mohamed El Masry, Development Manager of the Saxo Bank in the Middle East. The Middle East represents 15% of total stock dealings …
MerexMarkets will participate in the 2014 Africa Forex Expo in South Africa, the Middle East Expo in Kuwait and the Turkey Forex Expo
Reuters – The Egyptian pound strengthened at a central bank dollar auction on Monday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9649, slightly stronger than the EGP 6.9651 at its last auction on Thursday. But the dollar sold on the black market for EGP …
A central bank letter circulated to banks on Monday and posted on the bank’s website said the change would take effect from January 2014 and could not be applied retroactively.
The central bank sold $38.6 million to banks at Monday’s auction, with a cutoff price of 6.9075 pounds to the dollar, weaker than the 6.8972 at the previous sale on Thursday.
Two market participants said the dollar was offered for 7.42 pounds in the black market on Thursday.
The Central Bank sold $38.6m to banks at the auction, with a cutoff price of 6.8869 pounds to the dollar, weaker than the 6.8767 at the previous sale on Monday.
On the black market the pound was trading on Monday at 7.33/7.36, weaker than Tuesday’s rate of 7.31/33 to the dollar, two traders said.
Traders fear the recurrence of last year’s liquidity crisis, which depreciated the Egyptian pound by more than 15%, and required an urgent intervention by the Central Bank, which sold large sums of foreign currency.
Despite the optimism, the current political insecurity and the unsettled International Monetary Fund loan are seen as contributors to the weakening of the pound against the dollar.
Expo held in Dubai next week
Exchange market stabilises as demand for dollar retreats
$37.8m were sold at a forex auction which began last December at $75m