Egypt’s Pound Falls to Black Market Record on Devaluation Bets
- Pound trades in black market at 32% discount to official rate
- Devaluation, free-floating currency move ‘imminent’: Beltone
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The Egyptian pound fell to a record low on the black market on speculation that policy makers will weaken the official exchange rate for the second time this year.
The currency dropped to 12.99 per dollar, according to the average quote of four dealers surveyed by Bloomberg in Cairo today. That’s a 1.9 percent decline from a week earlier and the weakest on record since the weekly poll began in 2013.