The last two weeks in July saw Egyptians stunned
at the havoc in the money markets owing to unprecedented swings in the Egyptian
Pound/US Dollar exchange rate. Even though the Central Bank of Egypt (CBE)
placed the exchange rate at EGP8.89 for the dollar, the shortage in hard
currency drove the dollar up to EGP13.25 during the third week in July. This
was a full EGP2 higher than the week preceding it, and it drove a
panic-stricken demand for more dollars as many Egyptians feared their national
currency was close to crashing. The following week, however, the pound gained
in value, rising one pound against the dollar... MORE INFORMATION : en.wataninet
