Egyptian Banks show apprehension over pound devaluation
Egyptian bankers have recently shown apprehension regarding the recent Egyptian Pound devaluation against the US Dollar now that the maximum selling price has been reduced to 2.5 kershes, reported Al-Hayat. The Egyptian government is encountering serious difficulty replenishing its diminishing foreign currency reserves.
The pound devaluation before the Al-Feter feast holiday set the local currency exchange rate at 450 kershes to the dollar. As trade resumed after the holiday, the dollar exchange rate bounced back to 459 kershes for buying and 461 kershes for selling. — (menareport.com)
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