BREAKING: EGP hits new low of 7.93/USD
A man hold U.S. dollars - REUTERS/Beawi Harta

CAIRO: For the fourth time in 2015, Egypt’s central bank depreciated the pound by 10 piasters to register 7.93 EGP against the U.S. dollar, after the country net foreign reserves plunged for a 3rd straight month by September-end.

The CBE permits dollars to be traded up to 0.10 pounds and at 0.15 above or below the official rate at banks and exchange bureaus respectively, meaning the dollar is changing hands at 8.03 and 8.08 per dollar.

Egypt’s net international reserves have fallen for three consecutive months to hit $16.3 billion at September-end, down from $18.1 billion a month earlier, the Central Bank of Egypt (CBE) reported last week.

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