Rafnitiv’s data revealed that when trade resumed on Sunday after the weekend, the Egyptian pound dropped by nearly 4%, to 24 pounds against the dollar.
After the government declared their dedication to the exchange rate system permanently, which coincided with a tentative deal to acquire a three billion dollar loan from the International Monetary Fund, the pound in Egypt decreased against the dollar by 14.5% on Thursday.
from 9 to 23 pounds. Read more.
How did the value of the pound decline in six years?
In his statement, the economist Dr. Hani Genena predicts that the wave of pound depreciation would last until mid-November because Egypt has not yet secured finance and has only launched a financing proposal worth $9 billion.
His remarks to Al-Arabiya.
Overall, he suggested that the Central Bank of Egypt has a number of options and is possible to halt the dollar’s ascent. However, in this scenario, the local market will experience a challenging instance of stagnation.
He explained that after decisions to reduce the value of the pound, the dollar exchange rate is at the present time at the level of 23 pounds, at a fair level, and it is expected that the rise of the dollar’s rise in the decline by mid -November, after the meeting of the International Monetary Fund’s Board of Directors and approving the funding in Egypt The first financial segment arrived, and then the other donor organisations began supplying the agreed-upon goods into the Egyptian market.
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urgent:
Reuters: The Egyptian pound continues to decline to 24 against the dollar
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