Egypt’s Black-Market Dollar Rate Jumps On Short Supply, Unrest
Published 2013-06-18 14:36:33| Amwal Al Ghad English
Egyptian black-market currency dealers raised their dollar rates as demand for the U.S. currency increases in the run up to nationwide protests planned for later this month. The dollar is selling for 7.57 pounds in unregulated trading, an 8.3 percent premium over the official price, according to the average of three quotes from dealers in Cairo, who asked not to be identified because the trade is illegal. That’s the highest since Bloomberg started the weekly surveys on May 21. Last week, the black-market rate was 7.46 pounds, or a 6.7 percent premium. The supply of dollars on the parallel market has fallen as demand grows before pro- and anti-government activists start nationwide demonstrations June 30, the anniversary of the day Islamist President Mohamed Morsi took office last year. The central bank has curtailed the pound’s decline in the past month after the currency plunged more than 11 percent since Dec. 30, when the regulator started dollar auctions to ration supply.
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Get To Know
Yehia Hamed Abdel Samea was named on May 7th as Egypt’s new minister of Investment, succeeding Dr. Osama Saleh. Early Life & Education: Born in 1978, Abdel Samea graduated from the Faculty of Al-Alsun (Foreign Languages) in 1999. He has obtained his master’s in Public Administration, from the Arab Academy for Science and Technology. The new minister has also obtained a Sales Diploma from the American University in Cairo (AUC). Abdel Samea was active in some of community service organizations mainly working on learning youth and micro financing. Early Career: Abdel Samea is Advisor for the Egyptian presidency for projects management and governmental co ordination. He is also a co-founder of the foreign relations committee, of the Muslim Brotherhood’s political party Freedom and Justice (FJP).
The tables below show the gold prices per gram on early Tuesday in Egypt and the Arab states:
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