Dollar hovers at 9.55 EGP on black market
U.s.dollar - AFP/Shawn Thew

CAIRO:  The greenback is sold for 9.35 EGP and bought for 9.55 in currency exchange booths in Cairo, Youm7 reported.

Last week traders reported that the dollar was selling for 9 EGP and being bought for 9.15 EGP.

The government floated the pound to 8.85 from 7.83 last week, after the dollar neared a price of 10EGP on the black market in early March.

Due to a dollar shortage in the country most banks imposed strict limits against currency exchange, driving Egyptians to change currency on the black market.

The Central Bank of Egypt previously 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.

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