Egypt Pound Falls to 7-Month Low After Foreign-Investor Payout - Bloomberg:
"The Egyptian pound weakened to the lowest level in more than seven months after the central bank cleared a backlog of cash owed to equity investors abroad, reducing the availability of foreign currency.
The currency fell 0.1 percent to 6.9802 a dollar in interbank trading today, the lowest level since Sept. 3, according to data compiled by Bloomberg. The exchange rate is managed by the central bank, which allowed it to depreciate by the same amount at a currency auction today. The pound has declined 0.3 percent since March 26 after more than two months of little change.
Egypt’s central bank said this month it settled all outstanding dues to foreign investors who sold their equity holdings since the start of political unrest in 2011. The pound declined 0.5 percent this year after losing 8.4 percent in 2013, its worst year in a decade. The central bank didn’t say how much it paid back to investors."
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