‘Technical Measures’ to Control Currency Black Market – Egypt C.Bank Governor

Egypt’s central bank governor said on Wednesday he would address the black market in the Egyptian pound, which has witnessed volatility this week from a surge in commercial demand for dollars and concerns over repayment of a Qatari deposit.

“We will take technical measures in the coming period to control the currency black market and set the (currency) exchange market,” Hisham Ramez told reporters during a visit to Lebanon for a conference.

The Egyptian pound has been sold in the official market for months at a cut-off price of 7.1401 pounds per dollar, but it sold at midday as high as 7.75.

Source: Reuters