Egypt's pound flops on black market amid exchange crackdown

Egypt's currency is plunging to new lows on the black market, with traders selling it from between 11 and 11.15 Egyptian pounds to the dollar amid speculation it will be officially devalued further.

Newspaper headlines on Thursday said it had fallen to a level as weak as 11.50 against the dollar the previous day. Some traders put it closer to the official level of 8.88.

The pound was last devalued officially from 7.73 to the dollar in mid-March.

Central bank Gov. Tarek Amer has blamed the trend on speculation and rumors by people "seeking to harm the country." He denied to the state MENA news agency the bank planned a further devaluation.

Foreign currency has been scarce for importers, and authorities have been cracking down on black market dealers.