A customer takes a look at the different foreign currency prices in front of exchange bureau in central Cairo, Egypt, November 3, 2016. REUTERS/Mohamed Abd El Ghany
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Banks free in currency market after Egypt floats poundEgyptian banks are wading into uncharted territory as they start trading currency without central bank restrictions for the first time. The central bank raised interest rates by 300 basis points to the highest level in more than a decade and allowed lenders to operate on weekends to attract dollars.National Bank of Egypt and Banque Misr – Egypt's two biggest commercial banks – bought a total of $35 million on Thursday and Friday, their chairmen told Bloomberg News on Saturday. Central bank Governor Tarek Amer said banks bought eight times more dollars Thursday than in the "previous period," without providing more details.
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