The dollar continues to sharp decline in the black market and up to 9.25 pounds

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The US dollar continued its sharp decline on the black market in Egypt on Sunday to arrive at 9.25 pounds from 9.60 pounds last Thursday. The decline in the dollar after the Central Bank of Egypt's decisions last week to cancel credit and debit banking hard currency to importers of essential goods and individuals roof. A trader in the parallel market, told Reuters on Sunday, dollar continues to deteriorate. There is an abundance of supply in the market. We buy at a price of 9 pounds and sell at 9.25 pounds in an attempt to work averages in price so as not to incur losses because we bought volumes on the prices of more than 9.50 pounds last period . " The Central Bank of Egypt met last Tuesday with a bureau for the second time in less than a month in another attempt to put a ceiling on the price of the dollar in the parallel market. Two sources told Reuters the exchange market last week, one of them attended the meeting and the other is briefed on what the House that it was agreed to restrict the maximum price of the dollar in the parallel market at 9.25 pounds after sharp jumps in which arrived at 9.85 while the official rate of 7.83 pounds. The central bank sold on Sunday $ 38.8 million and amounted to less acceptable price 7.7301 pounds to the dollar, unchanged from the previous tender on Thursday. He said another trader in the parallel market, "we buy at a price of 9 pounds and sell between 9.25 and 9.30 pounds." Egypt, which depends to rely too heavily on imports of food and energy crisis in the foreign currency and face, which imposes further pressure on the central bank to lower the value of local currency.