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Wednesday, 25 May 2016

FX rate unchanged in auction, weaker in parallel market

The Central Bank of Egypt kept the exchange rate unchanged in its FX auction yesterday, where it sold USD 118.6 mn at EGP 8.78 for USD 1. Reuters says the parallel market rate weakened to EGP 11.00 per USD 1.00 from EGP 10.95-10.96 per USD 1.00 earlier in the week. Al Masry Al Youm also says the selling price on the parallel market is EGP 11.00 per USD 1.00.

Naturally, the CBE intensified its crackdown on FX bureaus as a result, closing down El Shaimaa Exchange. This brings the total number of exchange officers shuttered to 15, by AMAY’s count. Sources claim more have been shut down recently, as the central bank has widened the scope of the crackdown to other governorates, with some bureaus in Hurghada reportedly also being ordered closed.

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