VOL. XLIV

No. 06

5-February-2001

EGYPT

Egypts Central Bank Sets USDollar Exchange Rate At E3.85

The Central Bank of Egypt (CBE) on30 January announced a pegged exchange rate of $1=E3.85 with an allowabletrading band for local banks and exchange bureaus of plus or minus 1%,according to the semi-official daily Al-Ahram. The CBE described therate as the current fair market rate, which in the future may be changed iffundamentals warrant. Prior to the CBE announcement, the price of the dollarwas...