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The central bank sold $38.6 million to banks at Monday’s auction, with a cutoff price of 6.9075 pounds to the dollar, weaker than the 6.8972 at the previous sale on Thursday.
Two market participants said the dollar was offered for 7.42 pounds in the black market on Thursday.
On the black market the pound was trading on Monday at 7.33/7.36, weaker than Tuesday’s rate of 7.31/33 to the dollar, two traders said.
Reuters – The Egyptian pound was steady at official rates on Thursday, the central bank said, and slightly stronger in the black market, two sources said – a day after the bank’s governor said that parallel market for dollars would “not last long”. The central bank sold $38.4 million at its regular foreign exchange auction …
The central bank said it sold $38.8 million to banks at its auction, at a cut-off price of 6.8774 pounds to the dollar
The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8776 pounds to the dollar, compared with 6.8778 at the sale on Thursday.
Reuters – Egypt’s pound gained slightly at a central bank foreign- currency sale on Thursday. The central bank said it sold $38.8 million to banks at the auction, with a cut-off price of 6.8778 pounds to the dollar, compared with 6.8781 at the sale on Wednesday. The central bank introduced dollar sales last December to help …
The central bank sold $38.8m with a cut-off price of EGP 6.8786 per dollar versus EGP 6.8787 at its 7 November auction, the bank said.
Egyptian pound’s black market value falls on instability following dispersal of pro-Morsi sit-ins in 14 August.
According to a statement on the bank’s website, the discount and repurchasing rates and deposit operations are now lowered to 9.75%.
2204 new investment projects have been founded during the first half of 2012
A source from the General Authority for Investments says the amount of investments in the previous regimes was higher.
Saudi-Egyptian business council tells Al-Eqtisadiah newspaper Saudi investments in Egypt will be negatively affected by declining pound
New draft law for sukuk aims to help the Egyptian economy recover and generate more investment
Breather rather than a new equilibrium
Exporters see an opportunity while importers see disaster in devaluation of currency