Euro Drops to Two-year Low Against Egyptian Pound

The euro dropped on Sunday to less than two-year low due to the Ukrainian crises, which is occurring on the EU borders.

The European currency recorded 17.12 in global markets today after recording 17.84 just before the Russian operation in Ukraine. The currency recorded 17.13 on April 17, 2020 amidst the outbreak of the pandemic, due to closures in the union.

The price of the euro continued to stabilize against the Egyptian pound in banks operating in Egypt, due to the closure of transactions on Saturday, after a slight increase at the end of the week’s trading, recording in the National Bank of Egypt (NBE) EGP 17.24 to buy, and 17.43 to sell, compared Thursday's trading, which recorded EGP 17.03 to buy, and 17.26 to sell.

At the Bank of Alexandria, one of Egypt's national banks the price of the 27-member currency recorded EGP 17.27 to buy, and EGP 17.46 to sell, while the average exchange rate in the Central Bank of Egypt recorded EGP 17.19 to buy, and EGP 17.30 to sell.

It is noteworthy that the Egyptian pound was devaluated in 2016 due to an agreement with the IMF, accouting to $11 billion to boost the country's finances, and foreign reserve, as well perform structural reform, a move which caused the currency to drop as much as EGP 22 against the euro.