Egypt PM signals move to unify exchange rates

Central Bank of Egypt. Photo: Muhammad Mansour

The Central Bank of Egypt will take action to unify the black-market and official exchange rates "as soon as possible", prime minister Sherif Ismail told parliament on October 31.

The central bank will act when the conditions are right, state-owned Mena news agency quoted the prime minister as saying, according to Bloomberg. Ismail did not offer any further clarification.

Black-market traders are offering more than double the official exchange rate of 8.8 pounds to the dollar.

Egypt is working t