Cairo – Mubasher: The Egyptian pound extended its devaluation against the US dollar in the black market , on Wednesday, amid the Central Bank of Egypt (CBE) continuous efforts to keep a firm grip over the parallel market.
CBE has previously closed 47 foreign exchange bureaus since the start of the year for trading at black market rates and other violations.
The dollar is being sold on the black market for EGP 12.80, according to traders.
The exchange rates varies from one area to another in Egypt, added the traders.
The gap between the official and black market rates reached its widest last month on speculation that the central bank would devalue the pound for a second time.
Egypt said last week it was seeking to secure an IMF loan of $4 billion a year at an interest rate of 1 percent or 1.5 percent. The country also plans to issue $2 billion to $3 billion in international bonds over a three-year period.
