CAIRO (MEMO) – Multiple commercial sectors in Egypt have launched a campaign to boycott the purchase of the U.S. dollar from the black market after the exchange rate recently exceeded 41 Egyptian pounds as opposed to the official price of 30.90 Egyptian pounds in the Central Bank of Egypt to the, the news website Arabi21 reported.
The campaign, which comes after an unprecedented surge in the dollar exchange rate, has gone viral on social media, and signals the central bank’s lack of control over the currency traders on the black market.
Arabi21 cited sources as saying that the campaign was initiated by car dealers who called on all merchants and businessmen to refrain from buying dollars from the black market, and to freeze the import of vehicles from 15 May to 15 June until the national currency stabilizes.
The sources pointed out that the dollar had stood at 42-43 Egyptian pounds on the black market for two consecutive days before it retreated to 38 pounds.
Egypt’s credit rating stands at B with a negative outlook, according to Standard & Poor (S&P).