Egypt’s Pound Gains in Black Market After Central Bank Decisions
- Currency stronger in unregulated trading at 9.684 per dollar
- Central bank eased restrictions on dollar deposits this week
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The Egyptian pound strengthened on the black market this week, after the central bank eased restrictions on foreign-currency transactions in a bid to limit the damage from an intensifying dollar shortage.
The currency traded at 9.684 per dollar, from 9.763 on Tuesday, according to the average quote from three unregulated dealers in Cairo surveyed by Bloomberg. The official rate is 7.830 per dollar. The pound traded at 9.817 per dollar on Sunday, the lowest since Bloomberg began a weekly black-market survey in April 2013.