Egypt's c. bank to take "technical measures" to control currency black market

Wednesday 19-11-2014 09:12 PM
Egypt's c. bank to take

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. REUTERS/Amr Abdallah Dalsh

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BEIRUT, Nov 19 (Reuters) - Egypt's central bank governor said on Wednesday he would address the black market in the Egyptian pound, which has witnessed volatility this week from a surge in commercial demand for dollars and concerns over repayment of a Qatari deposit.

"We will take technical measures in the coming period to control the currency black market and set the (currency) exchange market," Hisham Ramez told reporters during a visit to Lebanon for a conference.

The Egyptian pound has been sold in the official market for months at a cut-off price of 7.1401 pounds per dollar, but it sold at midday as high as 7.75.

(Writing by Stephen Kalin; editing by Ralph Boulton)

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