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.
In Egypt, the pound dropped 14 percent against the dollar. 5%, on Thursday, after the authorities announced their commitment to the exchange rate system permanently, coinciding with a preliminary agreement to obtain a three billion dollar loan from the International Monetary Fund.
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 following decisions to devalue the pound, the dollar exchange rate is currently at 23 pounds, which is a fair level, and it is anticipated that the rise of the dollar’s rise in the decline by mid-November, following 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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According to Reuters, the Egyptian Pound is losing ground versus the Dollar.
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