Egyptian pound almost unchanged against USD on Wednesday

Ahram Online , Wednesday 2 Nov 2022

The Egyptian pound’s exchange rate against the US dollar has remained almost unchanged at EGP 24.2 on Wednesday, weakening by more than 22 percent following a sharp depreciation last Thursday, according to figures by the Central Bank of Egypt (CBE).

Egyptian currency
An employee counts money at an exchange office in downtown Cairo, Egypt. File/Reuters

 

The dollar rate registered EGP 24.1 for buying and EGP 24.2 for selling, according to the CBE figures.

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

The pound began dropping on Thursday in conjunction with a $3 billion staff level agreement between Egypt and the IMF, which caused Egypt to link its currency to a "durably flexible" exchange rate regime.

Egypt has been struggling with the impact of the Ukraine war that broke out in February, which has placed pressure on the currency, slowed down imports, and caused foreign reserves to drop from $40.994 billion in February to $33.198 billion by the end of September.

Since March, the Egyptian pound has become more than 53 percent weaker against the USD, according to the CBE figures.

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