egyptian pounds: The Egyptian central back said in a statement early Thursday that the official exchange rate of the Egyptian pound will be set at 13 to the US dollar, according to Global Times China. The currency will be allowed to fluctuate in value by 10 percent for a short period before it is set, the statement said. "The move to liberalize exchange rate regime aims to quell any distortions in the domestic foreign currency market and will allow market demand and supply dynamics to work effectively," the bank added in the statement. The stock market gained about 23.3 billion Egyptian pounds to a record 440.6 billion at the beginning of Thursday trading, according to the official MENA news agency. The bank has also raised deposit and lending interest rates by 3 percent to 14.75 percent and 15.75 percent, respectively. The official exchange rate for the Egyptian pound has been steady at 8.8 to the US dollar since March, but the currency kept tumbling on the black market, to as low as 18.
(news.financializer.com). As
reported in the news.
Tagged under egyptian pounds, market topics.