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Saudi stops trading with Egyptian pound

[File photo]

The Saudi exchange market has stopped dealing with the Egyptian pound due to its collapse on international markets, Al-Mesryoon reported yesterday.

Head of trading at Osool ESB Securities Brokerage, Said Al-Fiqi, blamed the Egyptian Central Bank for adopting incorrect monetary policies which led to the demise of the country’s currency.

The Saudi newspaper Okaz reported him saying that the Central Bank did not take any measures to stop the currency’s decreasing exchange rate against the US dollar. He also accused the bank of adopting invalid monetary policies and being slow in making the right decisions.

According to the Saudi newspaper, banks in the kingdom are awaiting an official verdict from the Saudi Arabian Monetary Firm (SAMA) to take a decision on whether or not to officially stop trading with the Egyptian pound.

Egypt’s economy has suffered greatly after the coup which ousted the first freely elected President Mohamed Morsi in 2013.

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