Egyptian currency sinks to new low

By REUTERS
January 2, 2013 15:02

 
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CAIRO - The Egyptian pound slid to a fresh record and debt insurance costs surged on Wednesday despite new central bank rules aimed at slowing the currency's fall and the depletion of its foreign exchange reserves.

The economy sank into crisis after the fall of Hosni Mubarak in 2011 but a new bout of political turmoil in the last month has sent Egyptians scrambling to swap pounds for US dollars.

The finance minister said on Wednesday he expected the currency to stabilize soon while one banker said the central bank had narrowed the band for interbank transactions in another attempt to slow the pace of depreciation.

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