Cairo – Mubasher: Egypt's central bank kept the pound steady at 8.78 pounds to the dollar at an official foreign currency auction on Tuesday at its regular forex auction.
Egypt—faces a shortage in hard currencies since the 2011 uprising—relies heavily on imports, particularly food.
The dollar’s rate in the parallel market currently ranges between EGP 13.35 and EGP 13.50, according to currency traders.
Last March the CBE weakened the Egyptian pound by 14% of its value against the dollar in an attempt to eliminate the black market, a move that led to price increases.
