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Egypt cbank intervenes in market to support pound - ASHARQ AL-AWSAT English Archive
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CAIRO (Reuters) – The central bank confirmed on Tuesday it had intervened in the market to strengthen the Egyptian pound, which has climbed against the dollar for the first time in a political crisis gripping Egypt.

“We intervened in the market,” Deputy Governor Hisham Ramez said by telephone, while declining to say by how much.

The currency had been tumbling almost consistently since the eruption of political protests on January 25. The market, however, was closed all of last week and only reopened on Sunday.

The pound was trading as strong as 5.87 to the dollar on Tuesday, up from its 5.952 close on Monday.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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