NO. 44


Financial andBanking News

Budgets & Revenues

Egyptian Central Bank Sells Dollars To Support Pound

The Central Bank of Egypt intervened to support the Egyptian pound on 27July in response to a heavy demand for dollars and an unwillingness among thoseholding foreign currency to sell. The exchange rate fell to $1=Eœ3.425 at onepoint, but recovered after the Central Bank made some dollars available at$1=3.3976. This was the first serious attempt by the Central Bank...