Dollar Black Market Seizes Up in Egypt as Devaluation Hits Trade
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Egypt’s black market in US dollars appeared to screech to a halt Wednesday, as traders struggled to compete with a plunge of as much as 14% in the official rate for the local currency.
As the yawning gap between the official and parallel market rates for Egypt’s pound dwindled by early afternoon in Cairo, a number of traders said they were pausing operations and waiting until the end of the day to assess the situation.