Pound continues to slip against dollar on black market
Egyptian pound and USD YOUM7

CAIRO: The Egyptian pound continued a slip on the black market Monday, with the greenback fetching a record 9.87 EGP, Youm7 reported.

The official bank price of dollars is 7.83 EGP, but many banks have imposed strict limits on currency exchange, driving those who wish to purchase dollars to do so on the black market.

Egypt is due to receive $66 million dollars in payments from Arab and foreign airlines, Youm7 reported, which officials hope will ease the currency crisis.

In January 2015, the CBE allowed the pound to weaken the dollar after 10 consecutive depreciations as part of its fight against the dollar black market. It also imposed a $10,000 daily ceiling for cash deposits in hard currency for both individuals and companies.

Speaking at Egypt Economic Development Conference (EEDC) in March 2015, Ramez said: “There is no black market now in Egypt. Trading in the black market is over.”

The Central Bank allowed the pound to depreciate further in November 2015, with the dollar costing 7.83 EGP.

The government held meetings in February with exchange bureaux to clamp down on the currency trade, however a run on dollars in the past month has caused most dollar holders to hold on to the greenback.

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