The EGP decline against the USD accelerated on the black market, albeit at reportedly lower volumes, as rising prices led importers to put off purchases. Importers who had to pay a premium for dollars on the black market now say the rate has risen too high. Currency traders said that they were buying dollars on Monday at USD-EGP 17.5-17.85 and selling them to importers at USD-EGP 18.0-18.25 – compared to USD-EGP 16.1 a week ago – but at lower volumes. "I am not convinced with these prices ... it is not real demand," one importer who quit buying said, adding that there is a decision by importers to stop importing for a few months to pressure prices down. This week, the Federation of Egyptian Chambers of Commerce issued a statement that said trading of foreign currencies in Egypt had "exceeded its fair price due to ongoing speculation". It called on its members to stop buying foreign currencies for two weeks and to cut down on imports. (Reuters)