Egypt moves into the black

Egypt’s central bank has taken extraordinary steps to prop up its currency and curb a black market in foreign exchange — but in back alleys and money changing shops around the country, illicit dealing continues to thrive.

This stubborn survival shows the limits of the economic recovery since Islamist president Mohamed Mursi was ousted last July, despite inflows of billions of dollars in aid from governments in the Gulf.

Sluggish tourism revenue and foreign investment are keeping supplies short, along with many overseas Egyptians’ preference to send money home via the black market, where they get a better exchange rate.