Dollars flow into Egypt currency market after depreciation

Hundreds of millions of dollars have flowed through Egypt's interbank market since the central bank allowed the Egyptian pound to depreciate by 13% to a historic low, bankers said on Thursday.

The Egyptian pound weakened to as low as 32.20 to the dollar on Wednesday from 27.60 at the open of trade. It has since rebounded to 30.55 at midday on Thursday.

One banker said that more than $800 million traded in the interbank market on Wednesday, an amount confirmed by a second banker. So far on Thursday at least $160 million had traded.