Egyptian pound steady at official auction, slightly weaker on black market | glObserver Global Economics

Egypt’s central bank kept the pound’s exchange rate steady at 7.53 to the US dollar at a foreign exchange auction on Tuesday, with black market rates slightly weaker. The central bank has held the official exchange rate unchanged for four months since letting the pound weaken at the beginning of 2015.

Sourced through from:

Black market traders say volumes have fallen sharply since the central bank’s drive to stamp out their transactions, which has included since February a cap on the all of dollars that can be deposited in banks.

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Author: globserver

Director of Eyecom china

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