We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Egypt pound falls to five-year low against dollar

The pound has been volatile for weeks.


November 29, 2010 4:08 by

The Egyptian pound fell to its lowest against the dollar since July 2005 on Monday, weakened by demand for dollars by Egyptian importers, dealers said.

The pound has been volatile for weeks, largely on concerns over risky emerging market assets and a lack of central bank support, analysts say.

The pound touched 5.786 on Monday against the U.S. currency, breaching an earlier low of 5.777 reached in early November.

“There is lots of demand for dollars, mainly from corporates for real corporate needs,” said a forex dealer at a bank in Cairo. “They are seeking dollars for imports.”

Another dealer said the Egyptian currency probably began weakening at first because foreign investors were not buying, and once it fell below the 5.78 barrier its decline accelerated.

“It is probably because of a fall in foreigners buying the market,” the dealer said. “It was pretty calm early in the session, but later on trade got very aggressive.”

He said the pound has previously met support at the 5.78 level.

Another trader said there was real demand for dollars by Egyptian companies.

Egypt’s nation-wide elections for a new parliament passed on Sunday without major violence, but traders said this did not appear to be factor in the pound’s movement.

“The central bank has enough reserves to intervene” if it wants to, a trader said.

(Reporting by Patrick Werr; Editing by Toby Chopra)


Tags: , , , ,

Leave a Comment