Central Bank of Egypt’s (CBE) Governor denied any intention of officially devaluing the Egyptian pound on Wednesday after it had hit a record low in the country’s currency black market. The pound dropped to around EGP11.3 against the USD in the parallel market on Wednesday, according to traders surveyed by local and international media outlets. Governor Tarek Amer blamed the ‘exaggerated’ and ‘unjustified’ rise in the exchange rate on speculation, he said in a statement to state news agency MENA on Wednesday. Amer denied any intention to further devalue the pound. CBE also intensified its crackdown on FX bureaus canceling the licences of nine bureaus, according to Al Mal. (ahramonline, Al Mal)