The US dollar has lost 60 piasters against the Egyptian pound on black market after deposit and withdrawal maximum has been canceled.

The dollar has recorded the largest daily loss before the Egyptian pound in years to 9.25 pounds, traders told MENA reporter on Thursday.

On Wednesday, the Central Bank of Egypt (CBE) decided to lift the cap on dollar deposits and withdrawals for companies and individuals. 

In statements on Wednesday, Tarek Amer, the CBE governor, said that the decline reflects confidence in the Egyptian economy.