Egypt pound hits record low under new currency regime

Egypt pound hits record low under new currency regime

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Sun, 30/12/2012 - 15:39

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.