The depreciation of the Egyptian pound against the US dollar picked up speed on Tuesday, recording EGP 18.10 at some banks, amid increased demand on the greenback and clients withdrawing dollars from banks to convert them on the black market. On Tuesday, the price at HSBC registered EGP 18.30 to sell and EGP 18.10 to buy, up from EGP 15.70 on average in February. At the Central Bank of Egypt (CBE), the price reached EGP 17.92 to buy and EGP 18.05 to sell. A black market trader told Daily News Egypt that the price of the USD was at EGP 18.15 to buy and EGP 18.30 to sell, with big demand from importers. The black market had earlier dropped most of its activity following the flotation as banks were capable of securing dollars for importers.

Source: Daily News Egypt March 14, 2017 15:22 UTC