Egyptian currency crisis update

Reuters:  Gulf cash buying Egypt's pound respite - for now
"Officially traded between banks at 6.6350 to the U.S. dollar on Tuesday...While licensed exchange houses are quoting weaker rates for the pound than banks do, the gap is moderate. A big, unlicensed black market in dollars does not appear to have developed, though one became a feature of business life during Egypt's last economic crisis about a decade ago..."One of the key things has been aid that Qatar is providing," said William Jackson, emerging markets economist at London's Capital Economics, referring to about USD 5 billion in aid which Qatar has provided Egypt since Mubarak's departure. Saudi Arabia has provided USD 4 billion more...For now, many investors seem willing to give Egypt the benefit of the doubt. The average yield on 182 T-day bills issued by the central bank on Tuesday was 13.725 percent, down from 13.970 percent a week earlier and 14.104 percent two weeks ago. Last August, it was well above 15.0 percent.  "There is no shortage of dollars," said one teller at a foreign exchange house in central Cairo. He added that he was offering the dollar for 7.0 Egyptian pounds...Turkey transferred  USD 500 million to Egypt earlier this month, while the finance ministry may offer more issues of dollar-denominated, one-year bills to sop up some of the private sector's hard currency holdings. Jackson said the pound was expected to fall to 7.50 in an orderly manner."