Egypt’s central bank has waded into the currency market to stop the Egyptian pound’s decline against the dollar. Even as the country remains wracked by political uncertainty, the currency strengthened by its biggest daily margin since November on Tuesday after the central bank intervened to buy pounds.
“We saw excessive speculative activity so we intervened to stabilize the market,” Hisham Ramez, deputy central bank governor, told Bloomberg. He declined to provide further details.
The pound was up 1.3 percent to 5.878 against the US currency mid-afternoon in Cairo on Tuesday. In the previous session it fell 1.6 per cent, hitting a new six-year low as foreign investors unnerved by days of violence and uncertainty continued to pull capital out of the country.
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