EGP hits record low on parallel market on Thursday
The EGP hit a new low against the USD on the black market on Thursday, reaching USD-EGP 16.5-16.6 for buying and USD-EGP 16.8-17.1 for selling, according to Reuters. This is compared to USD-EGP 16.10 for selling reported on Tuesday. One trader said that the supply is very thin, people are anticipating the exchange rate to reach 18.0 so they are not selling, and that he had completed a USD40k transaction at USD-EGP 17.1. (Reuters)
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