We’re not buying this report until we see data on volumes, but Al Borsa is reporting that the USD hit EGP 18.50 on the parallel market on Saturday after changing hands at EGP 17.00 on Thursday. One trader speaking to the newspaper said that the strengthening greenback came as a result of increased demand that banks could not meet, with the majority of USD buyers being importers who are doing more business in the period between Chinese New Year and Ramadan, which begins in late May this year. The greenback was also bid-up by buyers looking to snap up USD after the recent strengthening of the EGP in anticipation that Egypt’s currency may weaken again, the story suggests. The average bank sell rate yesterday was 15.8609, according to the Central Bank of Egypt. We’re taking suggestions of a resurgent black market for USD with not a pinch, but heaping tablespoons of salt.

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