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Editor in Chief Mohamed Wadie

Egyptian Pound Slides to EGP 30 Vs Dollar


Mon 30 Jan 2023 | 11:19 PM
Egyptian pound
Egyptian pound
By Ahmad El-Assasy

The official exchange rate of the Central Bank of Egypt showed that the dollar's value jumped to EGP 30.03 on Monday from EGP 29.94 the day before (CBE).

The dollar rate was EGP 29.9 for buying and EGP 30 for selling at the National Bank of Egypt (NBE) and Banque Misr, and EGP 30 and EGP 30.1 for buying and selling at the Commercial International Bank, respectively (CIB).

The Egyptian pound has now fallen below EGP 30 to the dollar at a number of local banks twice. After a devaluation on January 11, it briefly fell to EGP 31 before stabilising at around 29.5 over the subsequent two weeks.

The country's new International Monetary Fund programme requires that the government permanently switch to the flexible currency rate regime, which was highlighted by Prime Minister Mostafa Madbouly just before Monday's decline.