EGP hits new record low in parallel market, stable at CBE auction
The USD-EGP was stable at Tuesday's weekly foreign currency sale, but extended declines on the black market to a record low of around EGP11 to the dollar. Central Bank of Egypt (CBE) sold USD120 million at its regular rate of EGP8.78 to the dollar at Tuesday's sale. Two black market traders said they were selling sought-after dollars on Tuesday for around EGP11, a steep decline from a range of EGP10.50 to EGP10.65 quoted on Monday. (Reuters)
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