Egypt central bank partially devalues Egyptian pound to 8.85 per dollar

Egypt’s central bank has partially depreciated the Egyptian pound to 8.85 per dollar from 7.73 in an exceptional dollar auction Monday, banking sources told Amwal Al Ghad.

The central bank had resisted devaluation and the gap between the official and black market rate was creating imbalances in the market.

It had previously set the rates at its regular and exceptional auctions at 7.73 per dollar as an average bid price.