Egypt pound loses as violence grips country

Police attacking man as they converge on protester in downtown Cairo on January 26, 2013. - Photo by Manar Ammar

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CAIRO: As violence continues to wrack Egypt, the country’s currency saw yet another drop on Sunday as a result of the street clashes across the country, meaning the decline in the pound continues.

According to a Reuters news agency report, there has yet to be widespread panic, but caution remains strong after two days of constant violence has killed over 40 people in the country.

At 6.50 to the dollar, the pound has lost some 7 percent of its value since the auctions began at the end of December. It is about 12.5 percent weaker than before the uprising that ousted dictator Hosni Mubarak in 2011.

At the latest auction on Sunday, the central bank said it had accepted bids worth $48.1 million with a cut-off price of 6.6235 Egyptian pounds to the US dollar, Reuters reported.

According to activists, the violence is near constant, with tear gas being fired indiscriminately at the protesters, who have now found themselves bombarded on the Qasr el-Nil bridge near Tahrir.

In Suez, clashes have erupted sporadically after at least 9 people were killed by gunfire on Friday, including a 10-year-old and a 15-year-old.

In Cairo, protesters have set tires ablaze on the main 6th of October Bridge leading through the city as violent clashes continue in downtown Cairo a stones throw from the iconic Tahrir Square.

For protesters, it is the part of their ongoing frustration and anger toward the government and their leaders in the two years since the popular uprising ousted former dictator Hosni Mubarak.

Tear gas is a near constant on Youssif el-Guindy street in central Cairo, as protesters continue their battles with police. Much of the frustration from their side towards the security forces stems from the original 18 days of revolution, when at least 1,000 Egyptians were killed in fighting for change. Since then, numerous other clashes and violence has occurred, but no top security official has been charged with killing protesters.

On Friday, hundreds of thousands of Egyptians poured into city centers across the country to mark the second anniversary of the January 2011 uprising that ousted former dictator Hosni Mubarak from power. The violence in Suez, east of Cairo, was the most violent and the reports of deaths is unlikely to see the situation become more calm.

“We will be here until our demands are heard,” 22-year-old Ahmed, donning his “V for Vendetta” mask, told Bikyanews.com on Friday evening.

It is still unclear what happens next for the country and even protesters Bikyanews.com spoke with on Friday and Saturday did not have any ideas for what future they were fighting for, save for one different from the present.

BN