Egypt pound hits record low under new currency regime

CAIRO Sun Dec 30, 2012 4:43pm IST

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. Egypt's central bank introduced a new currency regime on Sunday to conserve its foreign reserves, which it said had reached a critical level, a move bankers and analysts say may represent a controlled shift towards a free float. REUTERS/Amr Abdallah Dalsh

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. Egypt's central bank introduced a new currency regime on Sunday to conserve its foreign reserves, which it said had reached a critical level, a move bankers and analysts say may represent a controlled shift towards a free float.

Credit: Reuters/Amr Abdallah Dalsh

A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

CAIRO (Reuters) - The Egyptian pound hit a record low on Sunday of about 6.30 to the dollar after the central bank introduced a new currency regime, bankers said.

The previous low for the pound, in October 2004, was about 6.26 to the dollar. The pound opened earlier on Sunday in the interbank bank market with bids of around 6.185 to the dollar.

The central bank said on Saturday it was introducing the new regime to conserve foreign reserves, which it said had fallen to a critically low level.

(Reporting by Patrick Werr)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage