The Egyptian pound dropped again against the dollar : News Photo
The Egyptian pound dropped again against the dollar : News Photo
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The Egyptian pound dropped again against the dollar

The Egyptian pound dropped again against the dollar on the black market on 21 July 2016, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy. Egypt, which relies heavily on imports, is facing a shortage in foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion from $36 billion. A black market for dollars has sucked up liquidity from the banking system while the central bank kept the pound artificially strong and rationed dollars through weekly auctions, putting a strain on foreign reserves. (Photo by Fayed El-Geziry /NurPhoto via Getty Images)
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Details
Restrictions:Contact your local office for all commercial or promotional uses.
Credit:NurPhoto / Contributor
Editorial #:578534592
Collection:NurPhoto
Date created:21 July, 2016
Licence type:Rights-managed
Release info:Not released. More information
Source:NurPhoto
Object name:el-geziry-notitle1607
Max file size:4272 x 2848 px (36.17 x 24.11 cm) - 300 dpi - 10.5 MB
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