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Égypt-actus
Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Le marché noir des devises montre les limites de la reprise en Egypte.

Le marché noir des devises montre les limites de la reprise en Egypte. | Égypt-actus | Scoop.it

Egypt’s central bank has taken extraordinary steps to prop up its currency and curb a black market in foreign exchange - but in back alleys and money changing shops around the country, illicit dealing continues to thrive.

This stubborn survival shows the limits of the economic recovery since Islamist President Mohammad Mursi was ousted last July, despite inflows of billions of dollars in aid from governments in the Gulf.

Sluggish tourism revenue and foreign investment are keeping supplies short, along with many overseas Egyptians’ preference to send money home via the black market, where they get a better exchange rate.

The central bank is in its second year of auctioning hard currency to satisfy demand; last month it conducted its biggest auction, selling $1.5b. It has also shut down some money changing firms for manipulating prices.

But dollars are eagerly sought on Cairo’s black market and currency traders at banks say they haven’t been able to meet their clients’ demand through official channels for months.

Mursi’s fall cleared the way for Egypt to obtain billions of dollars in aid from the military-backed government’s allies in the Gulf - Saudi Arabia, the United Arab Emirates and Kuwait - although other billions have had to be returned to Qatar, which backed Mursi’s Muslim Brotherhood.

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Egyptians turn to black market for hard currency

Egyptians turn to black market for hard currency | Égypt-actus | Scoop.it
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(Reuters, via Aswat Masriya) - A run on Egypt's pound has left foreign currency in short supply and driven some dealers into the streets in search of people with U.S. dollars to sell, spawning a new black market.

The currency's decline was triggered by a political uprising that swept Hosni Mubarak from power in 2011 and it has officially lost 8 percent of its value since Dec. 30.

Black market rates are even weaker, a sign that although the central bank managed to stem the slide in official trade last week, Egyptians are nervous about holding on to pounds.

Some dealers tout discreetly outside regulated foreign exchange bureaux and banks in Cairo, illegally offering a better rate to those looking to sell hard currency.

"There are no dollars. Everyone that walks in asks for dollars but supply is scarce," said one of the dealers.

The central bank took steps last week to manage the rate including narrowing the pound's trading band. It was last bid at 6.71 to the dollar on Sunday in interbank trade.

That is 13.4 percent weaker than its level on the eve of the uprising that led to Mubarak's downfall, pitching Egypt into two years of turmoil that has scared off tourists and investors.

 

More : http://en.aswatmasriya.com/news/view.aspx?id=93469aa5-a1d6-4a6c-b771-4cac0abbee8b

 

Other source: Black Market Dollars Put Egyptian Economy on Alert: Currencies

http://www.bloomberg.com/news/2013-02-11/black-market-dollars-put-egyptian-economy-on-alert-currencies.html

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As Egypt’s foreign currency reserves fall, black market in dollars thrives

As Egypt’s foreign currency reserves fall, black market in dollars thrives | Égypt-actus | Scoop.it

In today’s moribund Egyptian economy, a man who calls himself Youssef has become a crucial component to keeping the wheels of commerce turning.

His business is furtive, his source of funding unknown and he’s so secretive about what he does that taking his photograph or publishing his full name is forbidden. He carries wads of cash.

Youssef is a black-market money dealer, selling dollars for Egyptian pounds at a markup. With the Egyptian government desperate to keep dollars in the country, banks are limited in how many they may let their clients have. People who need dollars are willing to pay Youssef more to get them.

He’s become one of the few sources of unlimited capital in Egypt’s flailing economy.

 Amina Ismail / The Miami Herald
Read more here: http://www.miamiherald.com/2013/03/28/3311572/as-egypts-foreign-currency-reserves.html
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