Egypt Makes Special Dollar Sale as Pound Falls on Black Market
- $500 million offering is first large sale under Governor Amer
- Businesses have been struggling to source hard currency
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Egypt’s central bank made an “exceptional” dollar offering to local lenders on Sunday to ease a hard currency shortage, as the pound fell to a new low in black market trading.
The local currency was kept unchanged at the $500 million sale at 7.73 to the dollar, the central bank said. The pound traded at 9.817 per dollar in the black market, according to the average quotes from three currency dealers in Cairo surveyed by Bloomberg, compared with 9.33 per dollar last week.