EGP steady at weekly FX auction
By Mahmoud Salah El-Deen
Cairo – Mubasher: The Central Bank of Egypt (CBE) maintained the Egyptian pound’s (EGP) exchange rate against the US dollar (USD) at EGP 8.78 per dollar during Tuesday’s regular FX auction, two sources at Egyptian banks told Mubasher.
Meanwhile, the exchange rate in the black market exceeded EGP 13.8 per dollar amid increasing speculations on devaluation.
The CBE announced yesterday that net foreign reserves rose to $19.591 billion by the end of September 2016 from $16.564 billion by the end of August.
