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English news

31-Oct-2016

Parliament calls CBE Governor, Finance Minister as EGP hits historic low in parallel market

The Parliament’s Planning and Budget and Economic Affairs committees have asked to call the Central Bank of Egypt (CBE) Governor Tarek Amer and the Minister of Finance Amr Al Garhy next week. The Economic Affairs committee Chairman Amr Gohary said that the committee has postponed discussions on the IMF loan until it meets with the Minister of Finance and the CBE Governor. Meanwhile, the EGP continues to weakens in the parallel market, reaching a historic low of USD-EGP 17.75-18.0, with reports on rapid withdrawal of EGP-dominated deposits from banks to convert the currency to USD and trade it offshore. (Al Borsa)

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