The exchange rate of the US dollar on the black market in Egypt declined significantly during the past days, losing about LE12 and touching its value in official banks in Egypt. The dollar fell from LE38, to less than LE28 down 35 percent, to be a crushing blow to currency traders on the black market during the past days. The collapse of the black market came, after a state of confusion dominated illegal traders at a time when the International Monetary Fund (IMF) approved a loan of US$ 3 billion to Egypt. The Central Bank also decised to raise the interest rate by 300 basis points, or 3 percent. In national banks and the central bank, the exchange rate of the dollar against the Egyptian pou
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