The Traderszone Network

Published in TZ Latest News 14 March, 2016 by The TZ Newswire Staff

Central bank devalues Egyptian pound as US$ squeeze continues

The Egyptian central bank has this morning devalued the pound by almost 13%
They sold $198.1m to local traders at 8.8500 pounds per $ compared with previous rate of 7.73. Central bank officials were not available for comment when contacted by Bloomberg and its not clear whether the new rate applies just to today’s $ sale.