Dollars flow into Egypt currency market after depreciation -bankers

📆 13/1/2023 1:19 AM
📰 ReutersAfrica

⏱ Reading Time:
11 sec. here
2 min. at publisher
📊 Quality Score:
News: 8%
Publisher: 53%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BBC World Service - Africa Daily, How is Hargeisa recovering from last year’s market fire?In April 2022, a fire broke out in the huge Waheen Market in Hargeisa, Somaliland. It burned for more than 24 hours destroying thousands of businesses. So how has the city recovered? As well as individual traders? AfricaDaily's kasujja reports ➡️ DahabshiilGroup kasujja They are burning Laascaanood now!
Source: BBCAfrica - 🏆 23. / 61 Read more »