Skip to comments.Egypt's currency falls to a new low
Posted on 12/30/2012 8:37:59 PM PST by Lorianne
CAIRO (AP) The Egyptian pound fell to a record low against the dollar Sunday as the central bank stepped into the market to try to stabilize trading and stop an anxious public that has been buying up dollars for fear of an even bigger dive in the local currency, bankers said.
The pound slid more than 3 percent on the first trading day after the central bank introduced a new dollar auction system that bankers said appeared designed to allow a "controlled devaluation" of the Egyptian pound. Many economists consider the pound overvalued and propped up by the government, which has used fast-dwindling foreign currency reserves to keep the value artificially high.
Khaled Abdel-Hamid, from Union National Bank of the UAE in Egypt, said the central bank is now directly involved in trading to stabilize the market and will probably help stop speculation on the currency by panicked buyers.
Egypt is grappling with a crippling deficit and foreign reserves have fallen to $15 billion from $36 billion in 2010, before the uprising that toppled Hosni Mubarak.
(Excerpt) Read more at news.yahoo.com ...
Ok, I am just going to say it.
I would love to see the antiquities of Egypt, if the country disappeared in the next minute I would not care.
Let the Saudi’s reap what they have sown. The prime financiers of the Islamic Fundamentalist movement has been the Saudi Wahhabi movement. These fundamentalists are even more economically backward than the secular Arab socialists they have overtaken. North Africa despite the oil wealth of Libya, the cultural heritage of Egypt and the entrepreneurial tradition of Syria will plumb new depths of backwardness and poverty. Let the Saudi’s bail them out and further squander their oil heritage. Also Europe and America should get ready for hordes of impoverished and agitated refugees.
no wonder they want their Jews back.
I lived there 3 years. Their money literally stinks. I washed my hands every time I had to handle it.
For the life of me I can’t believe a currency backed by islam would be worthless!
Sharia Law: it’s financially fun.
We are “selling” them $3 Billion dollars worth of F16 fighter jets. Seems like a great idea... What could go wrong? http://www.defenseindustrydaily.com/Egypt-to-Spend-32B-in-Updating-F-16CD-Fleet-05860/
This country has already sent billions of dollars. It should have sent NOTHING! Bearded savages deserve nothing!
When your currency falls to a new low against American currency, your sh*t is weak.
They should rename it to the ‘Egyptian ounce’.