Egyptian Pound Said to Gain at Central Bank Dollar Sale - Bloomberg Business

Egyptian Pound Said to Gain at Central Bank Dollar Sale - Bloomberg Business:

"The Egyptian pound gained at a central bank sale of dollars to local lenders on Wednesday, two days after policy makers said they would adopt a more flexible exchange rate following the biggest one-time devaluation since 2003, according to five bankers with knowledge of the matter.
The central bank allocated dollars at a $1.5 billion sale to local lenders at 8.78 pounds per dollar, compared with 8.85 pounds on Tuesday, the bankers said. The state-run Middle East News Agency also confirmed the price.
The central bank is yet to announce the results of the sale. Policy makers devalued the pound by 13 percent this week and are expected to raise interest rates by 50 basis points on Thursday to 9.75 percent, according to the median estimate of a Bloomberg survey of economists."



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