No more black markets: Enterprise reports

CAIRO – 1 March 2017: Rumors of a black market in dollars trading at 16 or 17 EGP are inaccurate. According to an

Enterprise report

Wednesday morning, there is no parallel market for USD.

The rumors are likely trumped up by foreign exchange bureaus, the report said, which have been excluded from the FX market after having a complete grip over the remittances transferred into Egypt for a short time before the Central Bank of Egypt (CEB) moved to liberate the exchange rates last November, citing an unnamed banker.

Accordingly, they have lost the market share to the banks and their customers as well, the report added.

The report also predicted the dollar’s rate to go down Wednesday, adding that banks have been lacking retail flows over the past two or three days since people hold onto their dollars when they are unsure of the market.

“And the moment it seems the USD is going to lose a bit of strength, they sell into the fall and will drive it down further,” the report added, quoting another source.