The US dollar exchange rate jumped to a new high against the Egyptian pound (the local currency) at the Central Bank in Thursday morning trading, registering 24.6 pounds against the dollar, before the pound reduced a small part of its losses.
This was the case, according to the currency review screen at the Central Bank, followed by many banks operating in the local market, which raised the US currency exchange rate in today’s trading.
The dollar exchange rate recorded, at the end of yesterday’s session, 24.43 pounds, according to data from commercial banks operating in the country.
And with 5 banks led by the Kuwaiti “Al-Ahly” and “Mashreq”, the dollar exchange rate recorded a level of 24.53 pounds for purchases, against about 24.58 pounds for sales.
Since last March the dollar has risen 56.5% against the pound, from £15.7, as pressures on the abundance of currencies in local markets following the Russo-Ukrainian war.
Today, Egypt is going through a new phase of floating (liberalizing) its local currency, amid uncertainty about when exchange rates will stabilize.
And last month, the International Monetary Fund confirmed that it had reached an agreement with Egypt on an extended 46-month loan facility, worth $3 billion.
