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Commodities Briefing - Categorized | Currencies more

The Egyptian pound, a troubled currency, gets pounded

Posted on 01 March 2013

Last month two Egyptian banks refused to give Ahmed El-Rifai the dollars he needed. His company, Egyweb, sells ads locally for Facebook (FB), and he had to pay the U.S. company its share of the revenue in greenbacks.
Frustrated, El-Rifai turned to a more reliable source: the black market, which sold him dollars at an 8 percent markup to the official exchange rate of 6.7 pounds to the dollar………………………………………..Full Article: Source


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