ICEC

Egypt’s Pound Inches up at C.Bank Forex Sale, Down on Black Market

Egypt’s pound strengthened marginally at a central bank foreign currency sale on Thursday, but weakened on the black market.

The bank sold $38.8 million at a cut-off price of 6.8797 pounds compared to 6.8798 at its last sale on Oct. 23. It had offered $40 million.

On the black market, a dealer told Reuters he was offering to buy dollars for 7.11 pounds and selling them for 7.13 pounds, compared with Wednesday’s rates of 7.09 and 7.12.

The central bank introduced currency sales, held three times a week, at the end of December to help counter a run on the pound. The currency has appreciated since the removal of President Mohamed Mursi in a popular uprising backed by the army on July 3.  

Source: Reuters

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