According to Bloomberg’s accounts, the Egyptian pound has lost 31.25 percent of its value relative to the dollar since the year 2022’s beginning, particularly in light of the sharp decrease in price that occurred yesterday.
Ziad Dawood, chief economist in Bloomberg, said that the Egyptian pound ranked third in the list of the most landing currencies against the dollar in emerging markets since the beginning of 2022, after the Sri Lankan rupee, which lost about 44. 67 % of its value, and the Argentine bizo that lost 34.
1% throughout the same Time Period versus the US dollar.
The Central Bank stressed that this aims to achieve sustainable economic growth when it announced yesterday that it would increase interest rates on deposits and loans by about 200 basis points and support a free exchange rate policy that bases the value of the pound relative to other currencies on supply and demand.
During yesterday’s trade, the value of the pound relative to the dollar dropped by 16%, ending in the central bank from 22.
99 pounds, compared to banks exceeding 23 pounds in the private sector.
The Central Bank affirmed that it does not target specific exchange rates, but rather is seeking to maintain the stability of prices.
A must.. Bloomberg: Since the start of 2022, “the pound” has lost 31.25% of its value relative to the dollar.
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