Egypt Dollar Black Market Squeezed as Bank Rates Converge
Egypt Stocks Surge After Pound Floated
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The Egyptian pound was unchanged in black market trading as banks narrowed the gap with the illegal market following the currency float.
The currency traded at 17.98 per dollar, according to the average quote of three dealers surveyed by Bloomberg in Cairo on Tuesday. That compares with 17.8 per dollar at National Bank of Egypt as of 2:49 p.m. The pound’s 12-month non-deliverable contracts weakened to a record 18.35 per dollar.