CAIRO: The black market price of a dollar has risen to 8.57, Youm7 reported Monday, the day after a second recent devaluation of the EGP.
Egypt’s pound plummeted after the Central Bank of Egypt (CBE) depreciated it to a new official low of 7.93 to a U.S. dollar at a regular foreign exchange (FX) auction on Sunday, up from 7.83 in a Thursday sale.
This is the lowest level the local currency has been allowed to hit since the central bank began its auctions in December 2012, amid expectations of an extended slip in the coming days.
On Sunday, the dollar was sold at 8.03 EGP at banks Sunday, and 8.08 EGP at exchange bureau, a trader told The Cairo Post.
The CBE gives permission to trade dollars up to 0.10 EGP and 0.15 EGP above or below the official rate at banks and exchange bureaus, respectively.
After holding the pound steady at 7.73 per U.S. dollar at the official market since two consecutive devaluations in July, Egypt’s central bank depreciated the pound for a third time in 2015 on Thursday.
The move came shortly after the country’s net foreign reserves have fallen for three consecutive months to hit $16.3 billion at September-end, down from $18.1 billion a month earlier.