Dollar climbs against Egypt pound in 11 banks at early post-free floating trade

Dollar has surged against Egyptian pound in 11 banks in early interbank dealings on Monday.

The 11 banks are Banque Misr, Banque du Caire, Abu Dhabi Islamic Bank (ADIB), Al Baraka Bank Egypt, Suez Canal Bank, Misr Iran Development Bank (MIDB), Export Development Bank of Egypt (EDBE), Egyptian Gulf Bank (EGB), Arab African International Bank (AAIB), National Bank of Greece (NBG-Egypt), and Al Ahli Bank of Kuwait-Egypt.

The pound was quoted at around 16.75 to the dollar, but rates were volatile and spreads wide. On Sunday, the pound dropped to around 16 from 15.50; interbank trading volumes were very small because banks were still uncertain about supply and demand.

Last Thursday, the central bank abandoned the pound’s peg of 8.8 to the dollar in an effort to attract inflows of capital and close down a booming black market in dollars.