ADVERTISEMENT

Pound stable at regular dollar sale and on black market

Egypt is facing an acute dollar shortage that sent its foreign reserves down to $15.5 billion in July, near a critical level that would cover only three months of imports.

Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo in a file photo. REUTERS/Amr Abdallah Dalsh

Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday as the currency remained stable on the black market.

The bank sold $118 million at an unchanged rate of 8.78 per dollar.

A widening gap between official and black market rates for the dollar has increased pressure to devalue the currency. Two black market traders cited a selling range of 12.50-12.65 pounds per dollar on Tuesday but gave no indication of trade volumes.

Egypt has reached an agreement with the International Monetary Fund over a $12 billion three-year lending programme that it hopes will plug the nation's funding gap and restore market confidence, encouraging investment that could help to ease the currency crunch.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Federal High Court to commence Christmas vacation on December 16

Federal High Court to commence Christmas vacation on December 16

Gov Okpebholo's inauguration disorder fuels worries about governance style

Gov Okpebholo's inauguration disorder fuels worries about governance style

Governor Makinde presents ₦678 billion budget for 2025 to Oyo Assembly

Governor Makinde presents ₦678 billion budget for 2025 to Oyo Assembly

C-G says Nigeria Customs hit ₦5.1trillon revenue target for 2024

C-G says Nigeria Customs hit ₦5.1trillon revenue target for 2024

VP Shettima in Akure for APC's final rally ahead of Ondo governorship election

VP Shettima in Akure for APC's final rally ahead of Ondo governorship election

Stake strikes another huge Esports sponsorship

Stake strikes another huge Esports sponsorship

BDC operator testifies to handling ₦416m for ex-Governor Obiano’s associate

BDC operator testifies to handling ₦416m for ex-Governor Obiano’s associate

Okpebholo halts all revenue collections, orders police to arrest violators

Okpebholo halts all revenue collections, orders police to arrest violators

US court confirms CIA's position on Bola Tinubu's past records

US court confirms CIA's position on Bola Tinubu's past records

Pulse Sports

Ademola Lookman: CAF celebrates Super Eagles star goals at AFCON ahead of African Footballer of the Year award

Ademola Lookman: CAF celebrates Super Eagles star goals at AFCON ahead of African Footballer of the Year award

Duplantis shows off fiancee with Sha'Carri Richardson at LSU football game as Christian Coleman watches on

Duplantis shows off fiancee with Sha'Carri Richardson at LSU football game as Christian Coleman watches on

Lookman makes Ballon d’or history Osimhen, Kanu failed to achieve

Lookman makes Ballon d’or history Osimhen, Kanu failed to achieve

'I will pick him everyday' - Paul Pogba settles Ronaldo vs Messi debate

'I will pick him everyday' - Paul Pogba settles Ronaldo vs Messi debate

Cristiano Ronaldo surpasses the world’s richest female musician on YouTube who is 2 times richer than him

Cristiano Ronaldo surpasses the world’s richest female musician on YouTube who is 2 times richer than him

ADVERTISEMENT
ADVERTISEMENT