Egypt pound hits record low under new currency regime

Sunday, December 30, 2012 2:29 PM 
People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. REUTERS/Amr Abdallah Dalsh

CAIRO, Dec 30 (Reuters) - The Egyptian pound hit a record low on Sunday of about 6.30 to the dollar after the central bank introduced a new currency regime, bankers said.

The previous low for the pound, in October 2004, was about 6.26 to the dollar. The pound opened earlier on Sunday in the interbank bank market with bids of around 6.185 to the dollar.

The central bank said on Saturday it was introducing the new regime to conserve foreign reserves, which it said had fallen to a critically low level.

This content is from : Reuters
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