Egypt's pound weakens

The Egyptian pound weakened on Monday as demand for dollars spiked amid a shortage in banks, bankers told Reuters. The dollar was being bought for over 19 pounds at most banks, up from around 18.8 earlier in the day. Banks were paying clients up to 18.95 pounds per dollar. "There are plenty of dollar requests as the year comes to an end and companies are closing their books or seeking to repatriate profits," said one banker.
Egypt's central bank abandoned its currency peg of 8.8 pounds to the US dollar on November 3, hoping to unlock currency inflows and bring back foreign investors who were driven away after a 2011 uprising.