Egyptian pound weakens against dollar on black market

Ahram Online , Sunday 17 Apr 2016

Egyptian pounds (Photo: AP)
Egyptian pounds (Photo: AP)

The Egyptian pound has been weakened in the informal market to a record low against the US dollar as a foreign currency shortage continues to affect the Arab nation, traders told state Arabic news website Al-Ahram.

According to the anonymous traders, the pound hit 10.45 to the dollar on Sunday, weaker than its rate of 10.34 by the end of the last weak, while the official rate remains stable at 8.88 pounds to the dollar.

Egypt has faced a foreign currency crunch since the uprising of 2011 drove away tourists and investors, the main sources of hard currency needed for the imports of basic staples and production materials.

Earlier this month, the central bank governor Tarek Amer accused 15 exchange bureaus of hoarding dollars, in the latest attempt to crack down on the black market.

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