The pound has continued to decline against the dollar since March, as it has lost about 25 percent of its value and is currently being circulated at the level of 19. 69 pounds per dollar, according to Rafnitiv Akon data, compared to about 15. 7 pounds per dollar before the twenty -first of March.
However, when compared to other currencies save the dollar, its decrease was less pronounced.
During a seminar on the economy, Abdullah said: “The Egyptian Central is attempting to assess how the pound performs relative to all other currencies. For instance, the pound rose against the Turkish lira as well as against the sterling and the euro.”
“We are not an exporting country of oil so that we have a (exchange rate) linked to dollars,” he added.
In contrary to all forecasts that anticipated a rise due to the rising inflation and the expansion of the US Federal Reserve, the Egyptian Central Bank opted to keep interest rates steady for the third consecutive meeting.
The Egyptian Central is researching the development of a pound indicator.
About Author
