Latest in Tag: egyptian pound Highlight
Latest in Tag: egyptian pound
CBE’s Monday dollar auction ended with $1 standing at EGP 7.43
Depreciation can happen at a faster pace, the bank says
Dollar’s value increases to EGP 7.38 at NBE and Banque Misr
Market analysts expect better foreign investor purchases and higher inflation rates
Government faces pressure to combat black market before the March Economic Summit
On the black market, the lowest selling price for the US dollar was EGP 7.15 while the highest prices ranged between EGP 7.57 to EGP 7.59.
Sector growth remains despite rise in prices of cement, concrete and steel
Central bank announces 2.6% increase in total credit facilities
The value of $1 stands at EGP 7.16 on 22 May, compared to EGP 7.083 before CBE exceptional auction
EGP value against dollar slumps after CBE’s foreign exchange auction to record EGP 7.14 comparing to EGP 7.083 before the auction
Reuters – The Egyptian pound weakened at a central bank dollar sale and on the black market on Monday, after hitting a six-month low last week. The central bank said it sold dollars at a cut-off price of 6.9702 pounds, weaker than the rate of 6.9651 pounds at its last sale on Thursday. Banks are …
Reuters – The Egyptian pound weakened at a central bank dollar auction and on the black market on Wednesday after hitting a six-month low last week. The central bank sold dollars at a cut-off price of EGP 6.9652, leaving the pound weaker than at its last auction on Monday when the rate was EGP 6.9649. …
Dollar shortages have been fuelling a thriving black market.
Reuters – The Egyptian pound strengthened slightly at a central bank foreign currency sale on Monday. On the black market the pound weakened slightly and traders said news that the government had resigned, a move that should pave the way for army chief Field Marshal Abdel Fattah Al-Sisi to declare his candidacy for the presidency, …
Reuters – The Egyptian pound was up slightly at a central bank foreign currency sale on Thursday and traded within its recent range on the black market. The central bank sold $39.6m to banks with a cut-off price of 6.9511 pounds to the dollar, fractionally stronger than the cut-off price of 6.9512 from Wednesday’s auction. …
Reuters – The Egyptian pound strengthened fractionally at a central bank currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of 6.9516 pounds to the dollar, compared with 6.9517 at its last auction on Thursday. The bank had offered to sell up …
Auction aims to support banks and their role in domestic economy, central bank says
The Central Bank sold $38.6m to banks at the auction, with a cutoff price of 6.8869 pounds to the dollar, weaker than the 6.8767 at the previous sale on Monday.
Traders fear the recurrence of last year’s liquidity crisis, which depreciated the Egyptian pound by more than 15%, and required an urgent intervention by the Central Bank, which sold large sums of foreign currency.
The central bank introduced dollar sales last December to help counter a run on the pound.
The central bank said it sold $38.8m to banks at its auction, at a cut-off price of EGP 6.8773 to the dollar, compared with 6.8774 at a sale on Thursday.
No predictions on when the market will pick up again: Head of the gold division at the chamber of commerce
Expected to increase in coming days due to decreases in supply
CBE set to hold an exceptional dollar auction of $1.3bn on Wednesday for banks in attempt to cover clien’’s outstanding import needs
The value of the Egyptian pound recovers slightly after 2-week long depreciation.
By Farah Halime, Rebel Economy Take a look at this chart, which the Central Bank of Egypt has been proudly parading this month: It shows how the pound’s official price, controlled by the central bank, has been appreciating slowly since the overthrow of Islamist president Mohammed Morsi. If we were to take this graph at face value, …
Egypt receives aid packages from Saudia Arabia, UAE, and Kuwait
The index of the US dollar internationally declined 1.5%.
Experts: the stability of the pound is “temporary” due to bank closures and low demand on banks
Egypt’s net foreign assets fell to new low since President Mohamed Morsi assumed office last year