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  • Tuesday ,10 February 2015

Egypt’s pound steady in both official, black markets


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Tuesday ,10 February 2015

Egypt’s pound steady in both official, black markets

The Egyptian pound stabilized for the 5th consecutive sale at 7.53 per U.S. dollar at a regular central bank auction Monday, after 10 depreciations since Jan. 18 in a fight against the black market.

At the same time, the dollar was steady in the black market Monday as dealers sold it for 8.71 EGP against 8.67 EGP for purchase, a black market dealer told The Cairo Post.
Black market traders refrained from selling the dollar until Saturday, after receiving another tough blow from the Central Bank of Egypt (CBE) Wednesday, placing a $10,000 daily ceiling for cash deposits in hard currency for both individuals and companies, with a total monthly limit of $50,000 imposed.
“The bank offered $40 million and sold $38.4 million at a cutoff price of 7.53 EGP per dollar,” the CBE said on its website Monday. It remains the lowest level Egypt’s Central Bank allowed the local currency to reach since auctions began in December 2012.
Among its recent procedures against the parallel market, the CBE, whose auctions determine the rates at which banks sell the dollar to clients, widened the range in which banks can trade dollars to 10 piasters above or below the official rate, up from 3 piasters.