Cairo – Mubasher: Egypt Free Shops Company said its outlets will start to accept payment for sales only in US dollar and will not accept any payment in domestic currency anymore.

The move came amid the sharp shortage in the foreign currency that Egypt currently faces, in addition to the continuous depression of the Egyptian pound against the US dollar.

Last March the Central Bank of Egypt (CBE) depreciated the official price of the Egyptian pound against the US dollar to EGP8.85 per dollar.

CBE also noted that it will adopt an elastic monetary policy, where it may go for floating the exchange rate of the Egyptian pound.