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

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)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Earnings Season

Reuters Showcase

Obama In India

Obama In India

In parting shot, Obama prods India on religious freedom.  Full Article 

Market Rally

Market Rally

Sensex, Nifty hit record high for fifth straight session.  Full Article 

Restructuring

Restructuring

Max India to be split into three separate companies.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Indian Equities

Indian Equities

Hornbill raising $250 mln to invest in equities - partner.  Full Article 

Ratings Downgrade

Ratings Downgrade

S&P downgrades Russia's sovereign credit rating to "junk".  Full Article 

Facebook Outage

Facebook Outage

Facebook takes blame for service outages, which hit wider Web.  Full Article 

Reuters India Mobile

Reuters India Mobile

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