Dollar hits record high on black market
U.s.dollar - AFP/Shawn Thew

CAIRO: The Egyptian pound has fallen to its lowest value against the greenback on the black market, with the dollar fetching 9.8 EGP, Youm7 reported.

The dollar officially trades in banks for 7.83 EGP, but due to a dollar shortage in the country most banks have imposed strict limits against currency exchange, driving Egyptians to change currency on the black market.

The Central Bank of Egypt floated the pound in January and February 2015, over the course of a number of trading sessions the cost of a dollar rose from 7.15 to 7.53, and the pound weakened further in November of 2015.

The government has announced a number of initiatives against black market trading, but a number of businesses are suffering from the lack of foreign currency; in January 2016 the government raised a cap of foreign currency deposits in banks to $250,000, from a limit of $50,000 instated last year to tame the black market.

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