CBE depreciates Egyptian pound to 8.85 per dollar – sources

Monday 14-03-2016 10:59 AM

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron

CAIRO, Mar 14 (Aswat Masriya) – Egypt's central bank has devalued the Egyptian pound on Monday to change hands at EGP 8.85 per dollar down from EGP 7.73,according to sources in the bank.

In an exceptional auction on Monday, the Central Bank of Egypt (CBE) said it will sell around $200 million at the new exchange rate of 8.85 Egyptian pounds, after keeping it steady at EGP 7.73 per dollar since last November.

The dollar's exchange rate in Egyptian banks will accordingly hike to EGP 8.95 per dollar, as the CBE allows banks to sell dollars at 10 piastres below or above the original value.

This is the first time for the CBE to depreciate the pound by EGP 1.12 since Governor Tarek Amer took office last November.

Amer told Aswat Masriya on Monday that the exceptional auction held today will cover the imports of basic commodities.

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