Cairo – Mubasher: The Egyptian pound fell to a record by 10-15 piasters against U.S dollar in the black market, according to four traders in exchange bureaus preferred to remain anonymous.
For the first time ever, U.S dollar settled at EGP10.60 for selling and EGP10.55 for buying on Monday, compared to EGP10.45 for selling and EGP10.40 for buying on Saturday, said one of the traders.
Another trader told Mubasher that U.S dollar is exchanged at EGP10.50 for buying and EGP10.65 for selling, assuring that “there are a lot of demands, but dollar scarcity hinders business activities.”
In Nasr city, the exchange rate of U.S dollar stood at EGP10.63 for selling and EGP10.57 for buying, two traders told Mubasher.
The official exchange rate still stands at EGP8.83 per dollar for buy and EGP8.88 per dollar for sale, according online data by the Central Bank of Egypt.
The central bank regulations allow exchange bureaus to sell the dollar 15 piasters higher than the official rate.
