By Elsayed Suleiman
Cairo – Mubasher: The U.S. dollar exchange rate climbed Monday in one-year futures contracts against the Egyptian pound to 10.7 per dollar, compared with 10.4 per dollar on Friday, according to data received by Mubasher.
Such a level is near a record high of 10.8 per dollar, which was reached on 18 February.
Meanwhile, Egypt's central bank devaluated the pound in an exceptional dollar sale auction by around 14.5% against the dollar to 8.95 per dollar.
The bank said in a statement it would adopt a more 'flexible' policy as regards exchange rate.
Last January, Bank of America Merrill Lynch forecasted the pound forward exchange rate to reach 10.5 per share by the last quarter of 2016.
Translated by Sayed Abdel Rahman
