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English news

09-Nov-2016

EGP slides to cUSD-EGP18.0 on Tuesday interbank dealings

Tuesday’s Interbank dealings traded the dollar at USD-EGP17.42-17.58 for buying and USD-EGP17.84-17.97 on Tuesday, compared to USD-EGP16.39-16.41 for buying and USD-EGP17.23-17.26 on Monday, the Central Bank data showed. The exchange rate marks 50-51% depreciation from pre-floatation USD-EGP8.79-8.88 level, up from 48-49% recorded on Monday. Bankers said volumes of dollar inflows to the banks are increasing, with the number of transactions increasing daily. Some black market dealers are reportedly offering dollars at cUSD-EGP18 on Tuesday and had been forced to sell dollars into the banking system as they struggled to find buyers. (Reuters)

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