By Mahmoud Salah El-Din
Cairo – Mubasher: The Egyptian pound kept falling against U.S dollar in the black market to settle at 10.20 per dollar for buy and 10.15 per dollar for sale, said three traders in exchange bureaus preferred to remain anonymous.
Meanwhile, the official exchange rate 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 parallel exchange rate is seemingly affected by “an unknown source” that buys or sells U.S dollar at high rates, then followed by other dealers, said one of the former three traders.
A senior official of an Exchange Bureau in Minya Governorate said Cairo’s unofficial exchange rate jumps higher than other Egyptian governorates, pointing out that the exchange rate stood at EGP10.2 yesterday, but bounced to the former rates on Wednesday.
The central bank regulations allow exchange bureaus to sell the dollar 15 piasters higher than the official rate.
Translated by Ahmed El-Sayed Ali
