Sudden increase for the US dollar and the Sterling in Egypt

The dollar price in the Egyptian markets jumped to reach 355 piasters in the exchange companies from 348 piasters at the Egyptian banks.

The head of the exchange department Mohammed El-Abiad which is affiliated to the Egyptian trade chamber related the reason of this increase to the increasing demand on the dollar by 20% during the last few days, as some business men held dollars which led to lack of dollar flow from companies and banks.

Also the price of the sterling registered a jump of 18 piasters at one time to the contrary of what is happening in the international market to reach 540 piasters up from 522 piasters.