Residents of Egypt overwhelmed many currency exchanges Dec. 25, as fears of possible devaluation of the Egyptian pound (EGP) manifested across the country. Many currency exchanges reported running out of US dollars (USD) by midday Dec. 25; Egyptians are converting EGP to any other foreign currencies that are available. The Egyptian Central Bank released a statement to try to allay fears of a currency collapse, essentially telling Egyptians not to listen to rumors about the country’s fiscal condition. The run on foreign currencies comes just three days after an inaccurate report that Central Bank Governor Farouk Okdah had resigned – the same day as the second round of voting was held on the controversial constitutional referendum.
Dec262012