Egyptian Pound Drops Most in 11 Months Amid Absence of Gulf Aid - Bloomberg

Egyptian Pound Drops Most in 11 Months Amid Absence of Gulf Aid - Bloomberg:



"The Egyptian pound capped its worst month in almost a year as Persian Gulf aid dried up and the price of dollars on the black market increased.



The local currency lost 0.1 percent to 6.9976 a dollar at an official currency sale today, according to central bank data on Bloomberg, taking April’s decline to 0.6 percent, or the most since May last year. The interbank rate retreated to 7.0076 a dollar. The government didn’t announce any new aid from Persian Gulf allies in April.



The pound’s weakness comes after the central bank said April 1 it cleared demand for foreign currency from overseas equity investors who sold holdings following the 2011 ouster of President Hosni Mubarak. Saudi Arabia, the United Arab Emirates and Kuwait offered at least $12 billion in aid after Islamist President Mohamed Mursi was forced from office by the military in July."



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