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The governor of the Central Bank of Egypt, Tarek Amer, said the black market for the currency in the country would not "immediately disappear once the use of the magic wand flotation." Egypt surprised the market on the third of November, when it canceled the pegging the pound to the dollar in a move aimed at attracting capital inflows and undermine the black market currency that almost solved banks Mahal. Amer said, in an interview with Al-Ahram Economic Journal, said that it takes time to completely eliminate the black market, he said, adding: "The market will take care of itself and settle down in the coming period." And helped edit the exchange rate of the British government, which suffers a shortage of liquidity on the conclusion of an agreement for the loan program worth $ 12 billion with the International Monetary Fund hopes to revive growth, which was adversely affected by political unrest since the revolution of January 25, 2011 that ended the rule of Hosni Mubarak. Amer said: "Although the return of the black market, but the real cornering the market share of banks has become .. banks acquired the salvation of the market (...) compete with the black market is very limited." "The differences in the dollar interbank rate and the black market is very limited and does not exceed Karoha." A trader in the parallel market, at the weekend, said that the purchase price of the dollar stood at 19.70 pounds and 20.10 pounds selling price. But according to the latest prices on the trading screens in banks in Egypt and Al-Ahly of Cairo and of the government, on Tuesday, the price of dollar buying 17.90 pounds and 18.15 pounds selling price, as the three banks controlled by the movement of the dollar rate between banks in Egypt. http://economy-news.net/content.php?id=6330 | |
Egyptian Central Bank Governor: the black market will not disappear
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Egyptian Central Bank Governor: the black market will not disappear
by Rocky Tue 03 Jan 2017, 4:49 am
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