February 4, 2013 / 12:10 PM / 5 years ago

Egypt c.bank tightens dollar trading band on interbank market

CAIRO, Feb 4 (Reuters) - Egypt’s central bank has tightened the pound’s trading band in the interbank foreign exchange market in an apparent move to slow the currency’s decline, a forex dealer at a Cairo bank said on Monday.

Banks may now only buy or sell dollars or their equivalent to other banks in a band of 0.01 pounds above or below the weighted average bid at the central bank’s regular currency auctions, the dealer said.

Previously, the limit had been 0.5 percent above or below the average bid.

Political strife has triggered a flight into dollars and other foreign currencies, putting renewed pressure on Egypt’s foreign reserves.

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