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Dollars flow into Egypt currency market after depreciation -bankers

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Hundreds of millions of dollars have flowed through Egypt's interbank market since the central bank allowed the Egyptian pound to depreciate by 13% to a historic low, bankers said on Thursday.

The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade. It has since rebounded to 30.55 at midday on Thursday.

Bankers said there were signs of international institutions pouring money into Egypt ahead of Thursday's auction of local treasury bills. Such investors had been largely absent since March.

 

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