Egypt strengthens exchange rate against dollar

Egypt's state-run news agency cited bankers as saying that the value was set after the central bank "injected large amounts of dollars in the banks today."

Hany Genena, head of research at Pharos Securities Brokerage, suspects that in addition to fighting the black market, the central bank may be creating artificial currency volatility to prepare the market and industries that deal with foreign currency for some kind of float.

Egypt's economic outlook grew even bleaker following the Oct. 31 crash of a Russian passenger plane in the restive Sinai Peninsula, which killed all 224 people on board and led Britain and Russia to suspend flights over concerns the plane may have been downed by a bomb.

Sharm el-Sheikh is a top tourist destination in the country, and is particularly popular among Russians, who comprised about a third of all tourists visiting Egypt in 2014.