Egyptian pound weakens on black market.

[DJKeefy]

As value of Egyptian pound gradually drops at central bank foreign auctions, black market takes advantage of insecurities and devalues pound further.

The value of the Egyptian pound inched slightly lower against the dollar at a central bank foreign exchange auction on Thursday, but the currency weakened by much more on the black market.

The central bank said it sold $38.8 million to banks at the auction, at a price of LE6.9835 to the dollar compared to LE6.9813 at Wednesday's auction.

On the black market, the currency weakened, with one dealer in central Cairo quoting LE7.58 to buy dollars and LE7.63 to sell dollars, compared to LE7.48 and LE7.51 on Wednesday.

The central bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the pound. Since then, the currency has lost almost 11 percent of its value on the official market.

Source: http://english.ahram.org.eg/News/73930.aspx

Exchange Rate (13th June 2013)

1 GBP (GBP) - 10.96 EGPs (EGP)

1 EUR (EUR) - 9.31 EGPs (EGP)

1 USD (USD) - 6.99 EGPs (EGP)

Data courtesy of Coinmill

[Dusak]

If they put a stop to the power cuts, they wouldn't have a black market.

[Chocolate Eclair]

It seems that during the chaotic times the black market are doing much better than the sooks!! Had to buy benzine the other day on the black market at a cost of 5le per litre, but at least its available freely compared to the proper outlets where it is hit and miss, and if you are prepared to queue for it..