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Monday, 25 July 2016

EGP fluctuating between EGP 12.70 and EGP 12.90 in the parallel market

House to hold “emergency meeting” as EGP hits another all-time low against the greenback: The EGP continued its downward spiral on Sunday, changing hands for between EGP 12.70 and EGP 12.90 to USD 1 in the parallel market yesterday, Al Masry Al Youm reports. This comes as the CBE continued its crackdown on FX bureaus, slapping the Doctors’ Exchange in Alexandria with a year-long suspension, and bringing the number of shuttered bureaus in recent months to 17. The EGP’s freefall has prompted the House of Representative’s economics and industry committee to call for an emergency meeting today. Market developments are creating panic among MPs, who now view the crisis as a much higher priority than discussions of the budget deficit or the national debt, Al Borsa reports, citing “sources in parliament.”

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