Egyptian pound strengthens
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Dalia Farouk / Ahmed Yacoub

The value of the U.S. dollar fell against the Egyptian pound by 9 piasters this week, after recording an official rate of EGP7.1on  Tuesday.

 

The value of the dollar has risen steadily since September 4, when the Egyptian Central Bank pumped $1.3bn into the country’s foreign currency reserves.

 

“This extraordinary tender by the Central Bank represents a new blow to the black market for currency,” a banking source told Youm7 on Thursday.

 

Governor of the Central Bank Hisham Ramez told Youm7 before the fund transfer that the additional reserves would be used bolster the Egyptian banking sector, as well as to purchase necessary goods including machines and medicines.

 

The central bank also bolstered the public reserves in May, adding $800m.

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