Cairo – Mubasher: The Egyptian pound mostly remained stable against the US dollar at the official foreign currency auction run by the Central Bank of Egypt (CBE) on Tuesday, said banking sources.
The Egyptian pound kept stable at a cut-off price of 8.78 pounds per dollar, unchanged from last week.
The sources spoke to Mubasher spoke on condition of anonymity.
The market awaits the results of today’s auction amid high speculations that CBE will adopt more devaluation of the Egypt’s local currency.
So far CBE didn’t officially announce the results of today’s foreign currency auction, where it will offer 120 million US dollar.
The black market rate hit a record 11.5 Egyptian pounds to the dollar up five piasters, two currency traders told Mubasher.
foreign investors, key sources of hard currency, has made it difficult for import businesses. Many of them now rely on a black market where they can procure currency for a higher price.
The pound's rate on the black market has grown weaker since the March devaluation, at which time it was roughly in line with the official rate.
