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Egypt's central bank announces float the Egyptian pound to spend on the black market


yota691
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03-11-2016 11:35 AM
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Egypt 's central bank announced Thursday to float the Egyptian pound and leave the freedom of pricing for banks in order to eliminate the black , which rebounded in Egypt for several months because of the pressure on the dollar market. 

In a statement, the central bank said it " has decided to take several measures to correct politicians trading foreign exchange through the liberation of the prices exchange to give the flexibility of banks operating in Egypt are priced to buy and sell foreign exchange in order to regain traded within Bill channels completely and end market Almoish of foreign exchange. " 

as the central bank announced to raise interest rates on deposits in Egyptian pound price" rose 300 basis points the asset to 14.75% , "and to "15.75%" for lending. 

the official rate of the pound against the dollar (which is the main foreign currency in Egypt) is selected several months ago to 8.8 pounds to the dollar. 

but because of the acute shortage of Egypt 's resources of foreign currency due to security and political unrest since overthrow of Hosni Mubarak in 2011, the dollar rose on the black market in recent days to up to 18 pounds last weekend.

struck Egypt in August / August last preliminary agreement with the international Monetary Fund for a loan of $ 12 billion over three years to implement economic reform program Mali includes several measures including liberalization of the Egyptian currency exchange rate.

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Economy News / Continue ...
 
 
Tarek Fayed and Deputy Governor of the Central Bank of Egypt, Monday, said the country's banks received about $ 3 billion since the float the pound earlier this month.
On the third of November, the central bank announced the abandonment of the currency peg at about 8.8 pounds to the dollar, a move that hopes to attract foreign cash flows and eliminate the black market for dollars.
 
The currency peg and declining foreign investment after the revolution of 2011 to the depletion of foreign reserves at the Central Bank, including forced him to rationalize dollars before the flotation.
 
He said Central Bank Governor Tarek Amer said in remarks published by a local newspaper last week that Egyptian banks have attracted about $ 1.4 billion in the first week following the liberation of the exchange rate.
 
 
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Views 108   Added 21/11/2016 - 12:59   Last updated 11/22/2016 - 07:28   No. Content 5884
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