Egyptian pound slides to 24.2 against USD on Tuesday

Ahram Online , Tuesday 1 Nov 2022

The Egyptian pound’s exchange rate declined to 24.2 against the US dollar at the end of Tuesday’s trading a few days after Egypt announced that it was adopting a "durably flexible" exchange rate regime in conjunction with a deal with the International Monetary Fund (IMF).

Exchange
A customer exchanges US dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, 2017. Reuters

 

The dollar rate rose on Tuesday by around 10 piasters compared to Monday, registering EGP 24.1 for buying and EGP 24.2 for selling, according to figures by the Central Bank of Egypt (CBE).

The dollar rate also registered EGP 24 for buying and EGP 24.1 for selling at the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB), and recorded EGP 24.1 for buying and EGP 24.2 for selling at the Arab African International Bank (AAIB).

According to CBE figures, the Egyptian pound has dropped by 22.6 percent against the US dollar since Wednesday.

The pound began dropping on Thursday in conjunction with the $3 billion staff level agreement between Egypt and the IMF.

 

Short link: