BREAKING: Egyptian Pound Continues to Depreciate Against US Dollar to Over EGP 29Source: www.export-egypt.com 1/11/2023, Location: Africa |
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Hitting a new low, the Egyptian pound lost over 10 percent of its value against the US dollar to record over EGP 29 on Wednesday morning.
The dramatic slide came following the International Monetary Fund's (IMF) release of its staff report on Egypt’s new loan programme that included the government’s commitments over the coming four years, including on the exchange rate flexibility. At the National Bank of Egypt, the US dollar price hiked by over EGP 1.5 to record EGP 29.2 for purchasing and EGP 29.25 for selling. At Banque Misr, the dollar traded for EGP 29.3 for purchasing and EGP 30.35 for selling. The CIB sent SMS messages to its clients saying it has imposed a 10 percent fee on transactions made in US dollars using credit cards at home and abroad. |
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