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Egypt's Central Bank Keeps Pound at 7.7301 Per Dollar

Source: www.export-egypt.com 11/15/2015, Location: Africa

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Egypt's central bank kept the pound steady at LE7.7301 to the dollar at its official foreign currency auction , a foreign exchange trader said, less than a week after it surprised the market by strengthening the pound.

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

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