Egyptian pound plunges 55% to match black market dollar
- Date: 06-Mar-2024
- Source: AGBI
- Sector:Financial Markets
- Country:Egypt
Egyptian pound plunges 55% to match black market dollar
The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […]
Central bank to let market set rate
Interest rates rise 6 percentage points
Stock market hits record high
The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate.
The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces.
At 2pm UTC on Wednesday the parallel market rate stood at $1/EGP52.4.
NewsletterGet the Best of AGBI delivered straight to your inbox every week
The fall comes after months of speculation as Egypt attempted to defend the previous pound/dollar rate of around $1/EGP30.9, despite a pervasive foreign currency crisis and a parallel dollar rate that briefly topped $1/EGP70 at the start of last month.
The decision to let the exchange rate of the Egyptian pound fall has increased optimism that a more