Egypt pound hits new low

Jan 02, 2013, 8:24 AM EST
A man stands outside an exchange bureau in Cairo December 30, 2012.
REUTERS/Asmaa Waguih

The Egyptian pound slid to a fresh record and debt insurance costs surged despite new central bank rules aimed at slowing the currency's fall and the depletion of its foreign exchange reserves. The pound fell to about 6.390 to the U.S. dollar on the interbank market. It had been trading at about 6.185 before a regime of auctions and administrative controls were introduced by the central bank on Sunday to slow the pound's fall.Egypt's 5-year credit default swaps (CDS) jumped 27 basis points (bps) to 515 bps, a 4-1/2 month high.