Markets

Egypt's central bank holds pound at 7.7301 per dollar

Published November 19, 2015 Updated November 19, 2015 10:24am

1 min

By Parvez Jabri

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CAIRO: Egypt's central bank will hold the pound steady at 7.7301 pounds to the dollar at an official foreign currency auction on Thursday, traders said.

Egypt is facing a dollar shortage and mounting pressure to devalue the currency. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar.

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