EGP weakens to record in Black Market; forwards decline
Currency weakened to USD-EGP 11.54 on 13 July in the parallel market from USD-EGP 11.04 on 4 July - marking the lowest level since 2013. This is compared to the official exchange rate of USD-EGP 8.88 at the Central Bank of Egypt (CBE) regular FX sale. Meanwhile, 12M non-deliverable EGP forwards fell to USD-EGP 11.80 as of 12 July vs USD-EGP 11.50 a week earlier. (Bloomberg)
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