Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Tuesday, September 23, 2014  

Mursi hopeful about stabilising Egyptian pound within days
CAIRO Egypt’s president held out hope that a weakening pound could stabilise within days under a new regime implemented to fend off financial ruin and safeguard reserves needed to ensure food and fuel imports in a political crisis.

Hit by political turmoil in the last month, the currency weakened to a record low on Sunday in a new dollar auctioning system implemented by the central bank.

The official rate worsened further at its second auction on Monday, with banks taking up the $75 million on offer at a cut off rate of 6.305, sending its traded market rate to a record low of around 6.35 per dollar.

“The market will return to stability,” President Mohamed Mursi said in remarks during a meeting with Arab journalists on Sunday, the state news agency Mena reported.

The pound’s fall “does not worry or scare us, and within days matters will balance out,” he added.  

The auctions are part of a shift announced on Saturday and designed to conserve foreign reserves, which the bank says are now at “critical” levels that cover just three months of the food, fuel and other goods Egypt imports.   

The head of the Egyptian banking federation said the new system of foreign exchange auctions was an “important first step” towards a free float of the pound.   Tarek Amer, who is also chairman of Egypt’s largest bank, state-owned National Bank of Egypt, said the new system was a success on its first day and had “significantly reduced” demand for dollars.  

The central bank accepted bids worth $74.8 million on Monday, with the cut-off price weakening from 6.2425 Egyptian pounds on Sunday. Before the first sale on Sunday it had traded as strong on the interbank market as 6.185 to the dollar.  Political turmoil over a new constitution has sent worried Egyptians scrambling to turn their savings into dollars, prompting officials last week to impose controls on how much cash could be physically carried out of the country.  

The changes announced on Saturday include regular foreign currency auctions and commercial bank officials say they point to an orderly devaluation of the pound after the central bank spent more than $20 billion, or more than half of its reserves, over the past two years to defend the currency. The currency crisis underlines the scale of the economic challenge facing Mursi, who has been grappling with the fall-out of a political crisis ignited by his move to drive through a constitution written by his Islamist allies.

Reuters
NEWS UPDATES
Oman
Entrepreneurship symposium begins
State Council holds session to develop officials’ skills
Pacts to train 3,000 students inked
Marhoon reviews audit report of pension fund
Salalah forum seeks to boost e-transactions
100 varsities from 22 nations offer options at EduTraC expo
Sultanate takes part in genetic treaty meeting
First group of Omani Haj Mission heads for Makkah
Zubair SEC inks pact with Shell Intilaaqah
Other Top Stories
Iraq says no to foreign troops
India’s Mars mission closer to success
Thousands rally worldwide for climate action
Don’t impose travel bans on Ebola-hit nations: WHO
Nasa spacecraft begins to orbit Mars
India
BJP scales down seat demand in Maharashtra
Army tries to take control of ITBP along border with China
CBI probes PC’s role in Aircel-Maxis deal in 2006
NIA files supplementary indictment against 20 IM operatives
Panel set up to probe Jadavpur varsity molestation
Teen burnt alive after harassment
Mars probe engine wakes up, Isro mission closer to success
Odisha ex-AG arrested in Saradha scam
Court agrees to hear plea against CBI chief
Court pulls up CBI for filing vague report in coal scam
70 flood-hit army bases relocated
Flood devastates Kashmir carpet business
TNCC president seeks to resolve fishermen issue
Pakistan
Army chief’s close ally to head ISI, set to take charge in Oct.
Imran, Qadri face probe in ‘terror case’
23 militants killed in N. Waziristan airstrikes
Parents refuse polio jabs for 149 sick kids this year
Armed groups clash in Balochistan, 11 killed
Flood victims rally for compensation
Middle East
Fighting erupts near Libyan oilfield, UN readies for talks
Loopholes in intelligence aid IS recruitment
US’ delay in arming Syrian rebels spurs IS rise: Panetta
Turkey in fix as 130,000 Syrians fleeing IS offensive cross border
British-Iranian woman’s arrest ‘not linked to sports’
Asia
Multiple blasts in Xinjiang kill 2, many injured
Zia corruption case trial opens
Thousands of HK students boycott classes for democracy
Chinese militants get ‘terrorist training’ from IS rebels
Afghan unity government pact a US sham: Taliban
Displaced Muslims get Myanmar citizenship
Multiple blasts in Xinjiang kill 2, many injured
Zia corruption case trial opens
Thousands of HK students boycott classes for democracy
Chinese militants get ‘terrorist training’ from IS rebels
Afghan unity government pact a US sham: Taliban
Displaced Muslims get Myanmar citizenship
Business
NBO ropes in 4 banks ahead of bond issue
Sultanate, World Bank sign pact
Oil falls below $97 on weak demand
Apple breaks records in new iPhone sales
HTC to make Google’s new Nexus tablet
Al Maha Ceramics to pay 35% dividend
India state banks need $37b to meet Basel III norms
Trai seeks tweak in telecom M&A rules
India looks to cut down unnecessary imports
Falling oil prices may help India meet fiscal deficit target this year
Cyber attacks cost companies dear
Japan should go ahead with tax hike, says OECD
Infiniti cars to be built in China
EU banks, Europol join to combat cyber crime
Rockefellers, other philanthropies pledge $50b fossil fuel divestment
Siemens to buy US firm for $7.6b
Euro zone ‘should be given IMF seat’
Europe
Ukraine begins to pull back artillery from frontline
Cameron faces revolt in party over more powers for Scots
Scotland could still declare independence, says Salmond
EU exchange plan leads to birth of 1m babies
Britain’s N-deal to get EU nod
UK’s Labour pledges ministerial salary cuts to win over voters
Sports
Messi and Barca put on five-star show
Qatar will not host ’22 WC: Zwanziger
Al Harthy pleased with show
Lyon snatch late equaliser from PSG
Qualifiers get ready for WC
Playing less extended my career: Serena
Poland down Brazil to claim second world title
Federer replaces injured Nadal in IPTL
Hagino double lifts Japan in pool
Salmonella found in lunchboxes at Games
Olympic champ Bindra to give up full-time shooting
China’s men reach football knockouts, India ousted
Ghosal enters squash final as Dipika lifts bronze
Indian tennis teams knocked out
Raina blitz sets up Chennai win

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution