Egypt Strengthens Exchange Rate

CAIRO (AP) -- Egypt has strengthened the official exchange rate of its currency by 0.20 pounds against the dollar.

Figures posted Wednesday on the website of the National Bank of Egypt show an exchange rate of 7.83 pounds to the dollar, whereas it had previously stood at 8.03.

Egypt's state-run news agency cited bankers as saying that the value was set after the central bank "injected large amounts of dollars in the banks today."

The move came as a surprise to investors, who see the pound as overvalued and had been expecting it to be further depreciated.

(KA)