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, March 03, 2015  

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
Airport tax hike move leaves fliers confused
New laws set to intensify punishment for poaching
Craftsman day to be marked today
147m rials invested to boost power distribution
Other Top Stories
US envoy holds first meeting with Hadi in Aden
Iraq forces begin Tikrit offensive
Bio-terror bacteria gets out from US laboratory
Iran withholding key information, says IAEA chief
Tajik veteran to retain power, monitors cry election fraud
India
Congress names new chief in 5 states, Rahul’s imprints show
Marans appear in court in 2G case, seek bail
Prachi calls for boycott of films by three Khans
Fadnavis ‘VIP culture’ kicks up dust in House
Rajendran is new CPI chief in Kerala
PM eats at Parliament canteen, pays Rs29
Government on back foot over Mufti remarks
Fund collection by political parties rises 5 fold to Rs22b
Government brings cheer for Persons of Indian Origin
AAP rift out in open, Yogendra and Bhushan could face tough action
Nirbhaya accused blames victim
‘Accusations’ will not end communalism
Pakistan
PPP involved in horse trading with JUI-F: Imran
Improper storage damages kids’ vaccines worth $3.7m
Sharif will listen to complaints on helpline
Cops hunt for inmates who fled from Gilgit prison
Man, sister get death for murdering mother-of-five
Austria mission gets melodious start
Middle East
Abadi urges army to spare civilians in battle for Tikrit
Fire guts Jordan motor home, 4 refugees die
Haftar named Libya army chief, UN talks hit wall
Hamas’ path to reconciliation with Iran proves far from simple
Bomb blast near top court in Cairo wounds 11
Reopening of museum takes Baghdad residents by surprise
Asia
Chief suspect in American blogger murder arrested
Philippine army seizes MILF base, bomb factory in south
N. Korea fires missiles over South-US military drills
Anti-China activists clash with cops in new HK unrest, 38 held
Australian paedophile, 51, abused 18-month-old girl
155m view China smog film on Day 1
Business
Road gets smoother for family firms to tap MSM
Samsung unveils sleek S6 to take on iPhone
BankDhofar gets CBO approval to raise $300m fund
India’s tweaked policy targets inflation at 4%
India factory output slips to 5-month low
India budget shows commitment to keep fiscal deficit low: S&P
5G to be next big thing in wireless networks
Europe
Kerry, Lavrov in ‘hopeful’ talks to end Kiev crisis
Nemtsov murder was work of low-level criminals, say police
US army chief ‘concerned’ over Britain’s defence cuts
Erdogan tells finance minister to ‘shape up’
German ex-MP to settle porn case
Emwazi was part of group linked to failed London bombers
Sports
Cup triumph brings out kid in Mourinho
Schmid on track for double title success
Dalmiya is back as chief of BCCI
De Villiers looms large over Ireland
Strong bench key to Proteas’ campaign
Mountain fires worry Steyn ahead of landmark match
Mooney works on own helmet for safety
Ireland won’t be intimidated by SA, says captain
Swing kings put skids under run spree
Cummins to miss match against Afghanistan
Aussies’ Maxwell mocked for Kiwi ‘choke’ gesture
India are big tournament team: Hogg
Watson critics crank up heat after latest false start
Real squander chance to extend lead

Sports


International

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