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Egypt’s c.bank weakens pound against dollar

Egypt’s c.bank weakens pound against dollar
Photo Credit: Arabianeye - Reuters

By Ahmed Allam, Mahmoud Salah Eddin

Cairo- Mubasher: The Central Bank of Egypt (CBE) has allowed the Egyptian pound to weaken against the dollar in a foreign currency auction to 7.83 per dollar from 7.73, banking sources said on Thursday.

National Bank of Egypt (NBE) data showed that the pound reached 7.88 per dollar for buying and 7.93 for selling.

Meanwhile, Emad Gamaluddin, executive manager at an exchange office, said the pound fell by ten piasters against the dollar in the parallel market to about 8.18 for buying and 8.28 for selling.

Speaking to Mubasher, Gamaluddin expected a surge in the dollar in the parallel market in the coming period.

Translated by Sayed Abdel Rahman