A senior economic source recently stated that Egypt’s exchange markets are currently stabilizing, following last week’s implementation of new official currency exchange rates.
The same source added that some local money exchange agencies practice selling their currency surplus to commercial banks at the end of each business day, according to Al-Gomhuria daily. This currency surplus was estimated at $1.3 billion.
Authorities recently raised the Egyptian pound from 3.95 to 4.15 pounds against the US dollar to increase trade activity and stabilize the economy. Interest rates have also played a major role in the stabilization process.
This present situation is considered quite positive for the market, as it had experienced a slowdown which Egyptian officials aimed to end. –(Mena Report)
© 2001 Mena Report (www.menareport.com)
