For 5th time, Egyptian pound remain steady against US dollar

CAIRO: For the fifth time in a row, Central Bank of Egypt (CBE) governor Tareq Amer held Tuesday the value of the Egyptian pound steady against the U.S. dollar in the CBE Treasury bonds auctions.

This auction preserved the value of the pound at 7.73 against the U.S. dollar in the banks, which will sell the dollar to clients at 7.83 EGP, CBE official told Youm7 on condition of anonymity as he was authorized to brief the media.

Since Amer assumed his position officially on Nov. 27, the Egyptian pound was kept at 7.73 against the U.S. dollar.

Former Governor Hisham Ramzi resigned Nov. 11 after facing a barrage of criticism over depreciation the Egyptian pound value against the dollar f; President Abdel Fatah al-Sisi appointed Amer in the same day.

It is expected that the bank could auction, in the coming few days, an exceptional package of securities worth at $500 million and could rise up to a billion dollar to control the black market.

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