Egypt Black Market Receives Crushing Blow As Dollar Falls To EGP 7.30

The US dollar’s exchange rate has fell against the Egyptian pound in black market to EGP 7.30 on Sunday.

Mohamed Hassan El-Abyad – Head of the Foreign Exchange Section at the Federation of Egyptian Chambers of Commerce – said the US dollar’s price in the black market has dropped.

El-Abyad attributed the sudden fall in the US currency’s price in the black market to the Egyptian Central Bank’s new measures adopted through last week as regard to injecting around US$ 600 million aiming to provide the foreign currency and organize the country’s exchange market.

It is worth mentioning that the CBE governor Hesham Ramez said, in a recent interview with one of the TV shows, the bank will be dealing the speculators a crushing blow within the upcoming period in order to organize the exchange market in Egypt.