EGP weakens to cEGP19 on Sunday as banks seek USD flows
The EGP weakened on Wednesday as banks paid more to buy USD from clients in an effort to attract dollar liquidity into the banking system, but volumes remain low. Some banks sold USD for just below EGP19.0 on Wednesday, from cEGP18.4 earlier in the day. "There is not enough dollar volume being supplied, so that causes the price to rise sharply," said one banker, adding that banks are trying to raise the prices they buy dollars at to attract clients to sell. (Reuters)
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