Egypt's central bank let the pound weaken on Monday for the second day running, a move analysts said was aimed at stamping out a thriving black market as inflation concerns ease.
The bank allowed the pound reach 7.24 pounds pe
The Egyptian pound weakened on Wednesday at an exceptional central bank sale of $1.1 billion aimed at supplying dollars to importers of essential foodstuffs, allowing it to hit a new all-time low in the official market.
In a count
Egypt's pound edged stronger at a central bank foreign currency sale on Monday.
The central bank sold $38.8 million with a cut-off price of 6.8800 Egyptian pounds per dollar versus 6.8802 pounds at its last sale on October 10,
The Egyptian pound jumped 1.2 percent on Wednesday at a $1.3-billion foreign currency sale - its biggest ever - as the central bank gambled a large chunk of its reserves to show that Egypt's economic turbulence was coming to an end.
The Egyptian pound weakened on the black market ahead of planned Friday protests in support of ousted President Mohamed Mursi, hurt by fears of more deadly clashes with police, traders said.
But the pound strengthened marginally a
The Egyptian pound strengthened at a central bank sale of foreign exchange on Wednesday, for the third time since the military removed Islamist President Mohamed Mursi from power one week ago.
The central bank
Egypt's crumbling public finances may be in even worse shape than previously estimated.
While stock and bond markets have cheered the ouster of unpopular President Mohamed Mursi by the army and Egypt's debt insurance costs
The Egyptian pound weakened to a new record low against the US dollar on Thursday, extending its losses to 6.4 percent since the central bank introduced a new system of foreign currency auctions to curb a decline in foreign reserves.