The value of the Egyptian pound to the dollar remained unchanged in a central bank auction while unofficial rates were weaker
Reuters , Sunday 6 Sep 2015
Egypt's central bank kept the pound steady at a dollar sale on Sunday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Thursday.
The central bank had kept the pound at 7.5301 for five months until July, when it allowed it to slide to 7.6301. On July 5 the bank let it slip a further 0.10 pounds.
Allowing the pound to weaken in a controlled way could boost exports and attract further investment but it also raises Egypt's already large bill for imported fuel and food staples.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or bellow the official rate.
One trader at an exchange bureau said the pound was changing hands at 8.04 pounds per dollar and another trader said it was changing at 8.05 pounds per dollar, weaker than Thursday's rates of 8.02 and 8.03
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Egypt's annual inflation spiked in September h
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Egypt's annual inflation accelerated to 9.4 percent in September compared to 7.9 percent in August, announced state-run statistics agency CAPMAS on Thursday.
Inflation had been slowing down over the past few months after soaring on the back of rising fuel prices in mid 2014.
The Egyptian central bank sold $37.5 million at a cut-off price of 7.9301 per dollar at its dollar sale on Sunday, 0.10 pounds weaker than Thursday's dollar sale.
The pound weakened further on the parallel market with the dollar changing hands at 8.40 pounds, one trader said, while another put it at 8.42 pounds to the dollar, weaker than Thursday's rate of 8.25 pounds.
Egypt, which has been facing a currency crisis due to what many economists consider to be an over valued pound, had allowed the pound to weaken to 7.8301 pounds per dollar from 7.7301 on Thursday.
Allowing the currency to weaken in a controlled way could boost Egypt's exports and attract further investment, but it also increases an already large bill for imports of fuel and food staples.
The central bank had kept the pound steady at 7.5301 to the dollar for five months until July, when it allowed it to slide to 7.6301. On July 5, the bank let it slip by a further 0.10 pound.
Egypt has sought to tame a once-thriving currency black market by imposing a cap on dollar-denominated bank deposits among other measures.
In January the central bank allowed banks to exchange currency at up to 0.10 pound above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pound above or below the official rate.
Foreign currency reserves, which stood at about $36 billion before the 2011 uprising, were $16.335 billion at the end of September despite billions of dollars in Gulf Arab aid since mid-2013.
Egypt's central bank kept the pound steady at a dollar sale on Sunday, as it sold $37.8 million at a cut-off price of 7.9301 pounds per dollar.
The pound strengthened, however, on the parallel market.
The official cut-off price was unchanged from Thursday's dollar sale but one trader said the dollar changed hands at 8.25 pounds in the parallel market, lower than Thursday's rate of 8.50 pounds to the dollar.
Egypt announced on Wednesday that central bank governor Hesham Ramez will be replaced by senior banker Tarek Amer, in a move welcomed by traders who expect a new approach to help ease the country's currency crisis.
Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or below the official rate.
The central bank kept the pound at 7.5301 for five months until July and then allowed it to slide to 7.7301. This month it let it weaken by another 0.20 pounds to 7.9301.
Allowing the pound to weaken in a controlled way could boost exports and attract further investment, but it also raises Egypt's already large bill for imported fuel and food staples.
The Egyptian pound was stable at a dollar sale on Sunday, with the central bank selling $40 million at a cut-off price of 7.9301 pounds per dollar, while the currency strengthened on the parallel market.
The official cut-off price was unchanged from Thursday's dollar sale, but one trader said the dollar changed hands at 8.50 pounds in the parallel market on Sunday, compared with 8.52 pounds on Thursday.
Egypt announced last month that Hesham Ramez would be replaced as central bank governor this month by senior banker Tarek Amer. The move was welcomed by traders, who expect a new approach to the country's currency crisis.
Cairo has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.
The central bank gave permission in January to trade dollars up to 0.10 pounds above or below the official rate, with currency exchange bureaux allowed to trade at 0.15 pounds above or below the official rate.
The central bank kept the pound at 7.5301 for five months until July, then allowed it to slide to 7.7301. In October, it let it weaken by another 0.20 pounds to 7.9301.
Allowing a controlled weakening of the pound could boost exports and attract further investment, but it would also raise Egypt's already large bill for imported fuel and food staples.
Egypt's annual inflation rate speeds up to 10.3% in October ht
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Ahram Online , Tuesday 10 Nov 2015
Egypt's annual inflation rate accelerated to 10.3 percent in October compared to 9.2 percent in September, official statistics agency CAPMAS announced on Tuesday.
The monthly inflation rate hit 2.3 percent in October compared to September.
Urban annual inflation rate reached 9.7 percent while rural inflation rate hit 10.9 percent.
General prices soared in Egypt after the government raised fuel prices in July 2014 as part of its fiscal reform programme aimed at reducing the ballooning budget deficit.
Egypt, a net importer, has also seen its Pound value weakened to the dollar.
7.7301 pounds to the dollar
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The official rate is still far stronger than the black market rate, which was around 8.575 pounds to the dollar on Sunday,
