Egyptian pound hits historic low against US dollar
The Egyptian pound closed at 55.35 per dollar on Thursday, a record drop against the US currency.
The Egyptian pound reached a historic low against the US dollar on Thursday, closing at 55.35 pounds per dollar in commercial bank trading. This rate surpassed the previous record of 54.75 pounds set in April. The dollar’s selling rate reached 55.37 pounds at Al Baraka Bank, and between 55.33 and 55.35 pounds at other major Egyptian banks.
Central Bank of Egypt Governor Hassan Abdalla stated that the exchange rate moves dynamically with economic conditions and that fluctuations are normal. He urged the public not to worry about currency movements, emphasizing the banking system's resilience. Abdalla explained that a fixed exchange rate would be more concerning than a flexible one amid changing circumstances.
The pound has depreciated by approximately 13.8 percent against the dollar since February 27, when the official rate was around 47.72 pounds per dollar. The dollar’s buying and selling rates rose by between 0.90 and 0.92 pounds across five banks on Thursday.
Why it mattersEgyptian citizens and businesses are affected by the Egyptian pound's historic drop against the US dollar.