Egypt pound hits record low on new currency regime
Cairo, December 30, 2012
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.
More Finance & Capital Market Stories
- Abraaj completes 15 exits in 2013
- Saudi Alkhabeer buys key stake in UAE packaging firm
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school
- Dubai non-oil trade surges 10pc to $272bn
- Iran president targets stagflation in first budget
- DFM accredits 2 firms for margin trading