Arab Today, arab today analysts look to imf loan deal as egypt pound slumps
Last Updated : GMT 15:26:40
Arab Today, arab today
Arab Today, arab today

Analysts look to IMF loan deal as Egypt pound slumps

Arab Today, arab today

Arab Today, arab today Analysts look to IMF loan deal as Egypt pound slumps

Cairo - Arabstoday

Local economists say currency crisis will worsen if IMF loan agreement is postponed further, expect Egyptian pound to fall as low as 7 to US dollar by month\'s end The Egyptian pound continued its downward trend on Monday after hitting another record low in the wake of a Sunday currency auction held by the Central Bank of Egypt (CBE). The auction\'s cut-off price was LE6.58 to the dollar, a 0.1 per cent fall from a Thursday foreign-currency auction. The CBE announced that it had sold $74 million at Sunday\'s auction, some $1 million short of the $75 million of offer. At local banks and currency exchanges, the US dollar is currently being sold at record-high prices of LE6.65 after adding profit margins for traders. Last week, the interbank trading band was narrowed to 0.5 per cent, which had stood at 1 per cent at the time the CBE began holding the auctions in an effort to slow the depreciation of the Egyptian pound. The Egyptian pound has dropped by some 6.6 per cent since the CBE adopted the new currency regime. Cairo-based investment firm Beltone Financial says the new auction regulations introduced by the CBE have – to a certain degree – helped offset Egypt\'s currency crisis. The CBE has limited auctions to three times per week instead of holding them on a daily basis, while imposing a 0.5 per cent band limit on interbank trading. Financial analysts say that the steps have served to cushion the currency crisis. Beltone expects the Egyptian pound to slump heavily against the dollar, possibly reaching a selling price of LE7 by the end of January – especially if the IMF loan agreement remains unsettled. In December, the CBE decided to hold periodic currency auctions for local banks to help conserve the nation\'s net foreign reserves, which the bank said had reached an alarming $15 billion. Experts had expected that an IMF loan agreement, followed by economic aid packages from several European and Arab donor countries, might help shore up Egypt\'s foreign currency position. The EU and other financial organisations, including the African Development Bank, have said that their respective support for Egypt\'s economy would be dependent upon the approval of the proposed IMF loan. From Ahramonline

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today analysts look to imf loan deal as egypt pound slumps Arab Today, arab today analysts look to imf loan deal as egypt pound slumps

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today analysts look to imf loan deal as egypt pound slumps Arab Today, arab today analysts look to imf loan deal as egypt pound slumps

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday