Egyptian pound keeps sliding against dollar in black market recording 10.50 for purchasing and 10.70 for selling.
This comes despite the Central Bank's devaluation decision, which pushed the official pound value in banks to 8.85 and 8.87 respectively against dollar. Moreover, the bank has channeled over $3bn through extraordinary and ordinary auctions in local banks to provide cash to importers and factories to buy strategic goods and raw materials. Yet, the dollar exchange value remained relatively high in parallel market, compared to official price at banks and bureaux de change.
The Central Bank of Egypt launches inspection campaigns on exchange offices and monitors markets to identify any violations, whose sanctions include suspending busted offices from 3 to 5 months and canceling their licenses if violations persist. Within the framework of these efforts, the bank shut down 5 offices for gouging dollar exchange values.
