Egypt’s Pound Slips Further Against Dollar
The Egyptian pound slipped further against the dollar on Monday, a downward plunge on the first two days of trading under a new system, as the president tried to assure a worried public that the crisis atmosphere will end soon.
The pound slid nearly 1 percent on Monday from the previous day, bringing the exchange rate at banks to 6.42 pounds to the dollar. It marked a cumulative loss of nearly 4 percent this week, after Egypt’s central bank took steps in what bankers believe is an attempt to control the devaluation of the currency.
In an effort to instill confidence among people who have been rushing to sell Egyptian pounds for dollars, President Mohammed Morsi said the pound’s fall “does not worry or scare us, and matters will balance out within a matter of days.”
This article appeared in print on page 2 of edition of Hamodia.
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