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Egypt raises pound by 20 piasters against the dollar

by ChemOrbis Editorial Team -
  • 12/11/2015 (14:06)
According to local media sources, the Central Bank of Egypt (CBE) raised the value of the Egyptian pound to 7.83 against the dollar in the formal market. This move was in contrast to the market expectations of a further depreciation in the pound.

Egypt has been allowing its currency, the EGP, to weaken gradually against the dollar this year. The bank let the pound weaken to 7.9301 pounds against the dollar in October, but this figure was still below the rates of around 8.7 pounds per dollar prevailing on the black market.

According to media sources, bankers and economists were said to be surprised by the Central Bank’s move as they were questioning where the additional dollars were coming from given the inadequate dollar reserves at hand. Egypt’s foreign exchange reserves are currently at about $16.4 billion, just enough to cover three months of imports.
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