Egypt’s Black Market grapples with sharp Dollar drop

Egypt’s Black Market grapples with sharp Dollar drop

According to 'Lovin Cairo' newspaper, The value of the US dollar in Egypt's informal currency market has dropped to 49 Egyptian pounds following the announcement of a major deal. Trading of the dollar ceased shortly after the Cabinet's declaration of $35 billion in new investments as part of the "Head of the Wise" project, leading to significant market confusion over the actual worth of the American currency.'Lovin Cairo' reveal that the dollar in the black market has dipped below the 50-pound mark, settling at 49 pounds. All trading activities have come to a standstill until the final dollar price is determined, with the currency experiencing a steady decline since Friday evening, losing 14 pounds until the deal announcement. Meanwhile, the continuous drop in the dollar's value in the black market has contributed to a decline in gold prices in the Egyptian market today, hitting a two-month low. The gram of 21-carat gold, popularly traded in Egypt, has reached 3300 pounds amidst reduced actual demand for gold and the dollar's depreciation in the black market.Presently, the dollar is pegged at 49 pounds in the gold market, indicating a narrower fluctuation range compared to the black market.

Egypt's Black Market grapples with sharp Dollar