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Sunday, 28 August 2016

EGP weakens to 12.70 on the parallel market

The EGP slightly weakened on the parallel market on Thursday, with greenbacks c changing hands at EGP 12.70 per USD,Al Mal reports, despite being largely stable at EGP 12.60 since the announcement of a staff-level agreement with the IMF on a bailout facility. Reuters had recorded a parallel market rate in the EGP 12.50-12.65 band ≥on Wednesday.

CORRECTION- In our Thursday issue, we incorrectly stated that “Father Andre Zaki, head of the Anglican Church in Egypt” had issued a statement on the draft law on church construction. Andrea Zaki’s correct title is Reverend Doctor, not Father, and he is the head of the Evangelical, not Anglican, Church in Egypt. The Anglican Church’s Egyptian branch is under the spiritual authority of the Archbishop of Canterbury and its current bishop in Egypt is Bishop Most Rev. Dr. Mouneer Anas. H/t Jay R.

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