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Egypt's central bank to hold rate steady at FX auction - traders
December 17, 2015 / 9:04 AM / 2 years ago

Egypt's central bank to hold rate steady at FX auction - traders

CAIRO, Dec 17 (Reuters) - Egypt’s central bank will hold the exchange rate steady at 7.7301 to the dollar on Thursday, traders said, at its first foreign exchange sale since the U.S. Federal Reserve raised interest rates.

Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound as a black market in dollars has flourished.

A rise in the U.S. interest rate is likely to add further downward pressure on the currency unless the Egyptian central bank follows suit at its monetary policy meeting on Thursday. (Writing by Lin Noueihed; Editing by Janet Lawrence)

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