It lost 54% of its value… When will the losses of the Egyptian pound against the dollar stop?

Despite the semi-stable situation in the exchange market in Egypt, the Egyptian pound is declining from time to time against the dollar, as the Egyptian currency recorded its lowest level ever.

According to the recent declines, the losses of the Egyptian pound against the dollar amounted to about 23% since the Central Bank’s decision to move to a permanently flexible exchange rate at the end of last October, and it also decreased by 54.1% since the first float last March.

read more: New losses for the Egyptian currency… and the dollar stabilizes above 24 pounds

Expectations indicate that the coming period will witness a state of stability in exchange rates to stop the pound’s losses against the dollar, especially with the start of the Egyptian government receiving the financing package announced during the past days, amounting to 9 billion dollars, including 3 billion dollars from the Fund. International Monetary.

In the exchange market, the Abu Dhabi Islamic Bank recorded the highest exchange rate for the US dollar at 24.25 pounds for purchase, compared to 24.30 pounds for sale. At the Central Bank of Egypt, the dollar exchange rate rose to 24.21 pounds for purchase, compared to 24.32 pounds for sale.

In 19 banks led by the Ahli United Bank and Al-Ahly of Kuwait, the dollar exchange rate reached 24.20 pounds for purchase, compared to 24.30 pounds for sale. In the National Bank of Egypt and Banque Misr, the US green paper recorded a level of 24.15 pounds for purchase, and 24.25 pounds for sale.

The lowest dollar exchange rate at Al Baraka Bank was at 24.10 pounds for purchase, compared to 24.20 pounds for sale.

At the level of the main currencies, the European currency “the euro” at the National Bank of Egypt and Banque Misr recorded a level of 23.50 pounds for purchase, and 23.85 pounds for sale. The euro exchange rate at the Central Bank of Egypt reached 23.58 pounds for purchase, and 23.68 pounds for sale.

read more: Egypt’s foreign reserves rise 213 million in October to 33.411 billion dollars

The exchange rate of the pound sterling at the National Bank of Egypt and Banque Misr recorded a level of 26.96 pounds for purchase, compared to about 27.69 pounds for sale.

In the Arab world, the exchange rate of the Saudi riyal against the Egyptian pound at the National Bank of Egypt and Banque Misr recorded a level of 6.42 pounds for purchase, compared to about 6.45 pounds for sale. The exchange rate of the UAE dirham also rose to record 6.58 pounds for purchase, and 6.60 pounds for sale. The Kuwaiti dinar exchange rate recorded a level of 75.09 pounds for purchase, compared to about 78.26 pounds for sale.

According to a statement, Egyptian Prime Minister Mostafa Madbouly revealed that the flexibility of the exchange rate would enhance exports by increasing their competitiveness – in addition to making imports less attractive.

He said that the Egyptian government aims to double tourism revenues to $30 billion over the next few years, through a variety of ways, such as launching more flights and encouraging yacht tourism, adding that the impact of inflation on the Egyptian economy is likely to be temporary.

In the same context, foreign exchange reserves rose to $33.4 billion at the end of October from $33.2 billion at the end of September, according to data released by the Central Bank of Egypt.

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