Egypt’s pound weak­ens to around 19 per dol­lar

Kuwait Times - - BUSINESS -


The Egyp­tian pound weak­ened yes­ter­day as de­mand for dol­lars spiked amid a short­age in banks, bankers told Reuters. The dol­lar was be­ing bought for over 19 pounds at most banks, up from around 18.8 ear­lier in the day. Banks were pay­ing clients up to 18.95 pounds per dol­lar. “There are plenty of dol­lar requests as the year comes to an end and com­pa­nies are clos­ing their books or seek­ing to repa­tri­ate prof­its,” said one banker. Banks in Egypt have been rais­ing the price to buy dol­lars from clients in or­der to at­tract in­flows and cover requests from other clients seek­ing to buy dol­lars.

Egypt’s cen­tral bank aban­doned its cur­rency peg of 8.8 pounds to the US dol­lar on Nov 3, hop­ing to un­lock cur­rency in­flows and bring back for­eign in­vestors who were driven away af­ter a 2011 up­ris­ing. — Reuters

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