ECONOMICS - The Egyptian Pound Is Getting Destroyed, As Banks Are Running Out Of Dollars

The Egyptian pound (EGP) came under further pressure again this morning (see earlier discussion), with the central bank no longer able or willing to maintain the previous currency peg. BBC: - The Egyptian pound has fallen further against the US dollar, despite efforts by the country's financial authorities to halt its slide on the money markets. The renewed decline came as the central bank held the second in a series of currency auctions. It ...

http://www.businessinsider.com/egyptian-pound-hits-record-lows-banks-r