The EGP strengthened 21% on Wednesday, trading at USD-EGP13.0-13.5 for selling and USD-EGP 11.0-11.5 for buying, to mark its highest level in five weeks on the black market. This is compared to USD-EGP18.0-18.2 for selling and USD-EGP17.5-17.85 for buying on Sunday. The EGP has reversed, in a single day, a previous rapid slide that left importers unable to make business plans, leading many to stop buying on fears they could not pass on the cost to end-customers. Importers and black market traders said the EGP had rallied on talks that CBE considers obliging banks to stop accepting FX deposits without receipts, showing it was sourced legitimately at the official rate. USD holders hurried to dump them on worries that the exchange rate would go down further, said Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce, adding that the private sector has done its part and calls for the Central Bank of Egypt (CBE) and the government to “use their instruments within a logical fiscal and monetary policy." (Reuters)