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Egypt Turmoil Curbs Demand for Black-Market Dollars: Arab Credit

Demand for dollars on Egypt’s black market declined as the crisis that forced President Mohamed Mursi out of power spurred importers to scale back their purchases and manufacturers to cut production.

The U.S. currency traded at 7.56 Egyptian pounds on the unregulated market today, a 7.6 percent premium over the official rate of 7.0283, according to the average quote of five dealers in Cairo who asked not to be identified because the business is illegal. The premium narrowed from 8 percent yesterday and as high as 15 percent in April. Egypt’s benchmark stock index and bonds soared today.