The notion that 18 is a fair EGP USD rate is nonsense — and the market is catching on: Greenbacks were quoted at EGP 18.25 per greenback on Monday, according to Al Borsa, while Reuters put the rate at 18.00-18.20, citing traders who stated that volumes were low. “I am not convinced with these prices … it is not real demand”, an importer who quit buying as part of an initiative called for the head of the Federation of Egyptian Chambers of Commerce told the news service. Panic, not real demand, is playing a role, a commodities trader said: “Everyone is in panic …The Sudanese pound now is stronger than the Egyptian pound. Is the economy here worse than Sudan? This is all people panicking and turning their Egyptian pounds into dollars.”

As one of us was heard mumbling in the office yesterday: “I can ring you up, ask you what you’re willing to sell me USD for, and you tell me EGP 55, and that’s the price. But is anyone actually transacting at that price? It’s nonsense.”

Meanwhile, the CBE is reportedly training National Bank of Egypt and Banque Misr staff to help monitor FX bureaux, Al Borsa reported.