EGP stable at weekly auction, strengthens on black market
The Central Bank of Egypt (CBE) kept the EGP stable against the USD at its weekly foreign exchange auction on Tuesday, selling USD118.8mn at USD-EGP 8.78, mainly directed towards dairy and pharmaceutical imports. The EGP strengthened on the black market, to USD-EGP 12.20-12.50, two days after President Sisi commented on the currency and warned that Egypt will face tough measures to turn the economy around as it seeks to secure a loan program with the International Monetary Fund (IMF). (Reuters, Al Mal)
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.