By Mahmoud Salah El-Din
Cairo – Mubasher: Egypt’s pound depreciated against foreign and Arab currencies on Monday, after the central bank devaluated the local currency in an exceptional auction
The devaluation rate is ranging between 13% and 14.5% following a EGP 1.12 decline in an exceptional dollar auction by the Central Bank of Egypt.
Today, the Egyptian pound exchange rate fell to 8.90 per dollar for buying and 8.95 for selling in banks amid a high demand on dollar and Euro, said Emad Gamal El Din, executive direct of an exchange company.
However, he anticipated U.S. dollar in the parallel market to keep rising as banks would still be unable to fulfill the current demands.
