A black market for dollars has absorbed liquidity from the Egyptian banking system over stressing country’s foreign reserves. Egyptian pound has been weekend ignoring several steps adopted by CBE. Finally, it has started mulling to enact tougher regulations on regulating the foreign exchange market.
The Central Bank of Egypt
Breaking News
Economists and analysts have repeatedly been suggesting for devaluation of local currency in a bid to ease pressure on foreign currency reserves. But the Egyptian central bank has refrained from doing so considering surge in inflation. The inflation has been recorded as the lowest in February during the last six months and the bank has devalued the currency on Monday.
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