Dollar’s rise in black markets to EGP8.76 stirred a state of confusion as currency traders started to bid on it. On the other hand, banking sector experts denied the projection that dollar will amount to EGP9 soon.
Those banking sources assured that Central Bank of Egypt has intensified monitoring exchange offices. They also warned against providing dollar in black markets for higher values with the aim of bidding on dollar and generating individual profits.
In preparation for getting approval of House of representative on Bond Law, Ministry of Finance plans to convene with members of Parliamentary Economic Affairs Commission within few days to discuss the amendments introduced by the Ministry to Bond Law.
Samy Khalaf, Chairman of Ministry of Finance’s Debt Management Unit, said that bonds are one of the funding sources used to cover budget deficit; assuring that they won’t substitute international bonds.
For their part, Economic Ministers has reviewed several relevant issues of major importance with the aim of countering any upcoming challenges.
