Egypt Central Bank Seen Mounting War on Dollar Black Market
- Central bank to offer $1.5 billion to lenders on Wednesday
- Bonds, stocks rallied as authorities promise FX flexibility
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Egypt’s central bank Governor Tarek Amer is stepping up the war on the black market for dollars, seeking to build confidence in the Egyptian pound after the biggest devaluation since 2003.
Policy makers plan to provide local lenders with $1.5 billion in an exceptional sale on Wednesday to cover importers’ debt, taking the amount of hard currency injected this month alone to $2.4 billion -- about five times what it usually offers to banks monthly.