USD-EGP weakens on black market as CBE holds official rate
The Central Bank of Egypt (CBE) held the pound steady at the official rate on Tuesday, but the currency weakened to a new low on the black market amidst a widespread dollar shortage and growing pressure to devalue. The Central Bank said it sold USD118.1mn at its regular sale of foreign currency, with the cut-off price stable at the official rate of EGP8.78 per dollar. Dollars were selling at EGP16.10 on the black market, weaker than levels closer to EGP15.5 quoted last week, traders said. They did not give volumes. (Reuters)
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