Interbank volumes trading of foreign exchange stood at USD15.8mn in the first day of trading in the market without direct Central Bank guidance, and post the float of the EGP on Thursday. Activity was relatively slow as banks, with prices little changed, were bidding EGP15.60, while offering EGP16.0. The currency weakened slightly from USD-EGP 15.50 on opening to USD-EGP15.75 in the first 75 minutes, and closed at USD-EGP15.35. Highest market rates quoted at banks at end of day was around EGP16.5. This comes after state-owned National Bank of Egypt (NBE) and Banque Misr had bought a total of USD35mn on Thursday and Friday from the public, according to their chairmen on Saturday. Banks were open over the Friday-Saturday weekend, and the weakest exchange rate quoted was USD-EGP 16.55, compared with USD-EGP8.88 before the pound was floated on Thursday. Meanwhile, parallel market traders reportedly met on Saturday and decided to start selling USD-EGP at EGP18.50, believing banks would be unable to meet USD demand. “Importers will be desperate so they will have to go to us for FX," one currency trader said. The pound was bought at EGP16.50 in the black market “to keep attracting the holders of the US currency away from the banks,” a trader was quoted.(Reuters, Bloomberg, Ahram Online)