Egyptian Pound Rallies as Major Currencies Decline for Second Day

The Egyptian pound has slightly recovered versus the US dollar as this week’s ending approaches. This development comes four days after Egypt’s official currency plunged almost 17 percent in value against the US dollar last Monday, March 21.

 

We want to keep our readers updated regarding the latest developments on the Egyptian pound versus the US dollar. By sharing this report with them, we believe they will understand how they can properly manage with their units of the Egyptian official currency.

 

Based on the report posted online by French state-owned international news TV network France 24 last Monday, the Egyptian pound nosedived against the US dollar, which happened as the economy of the Arab world’s most populous nation worsened amid mounting economic hardships and the latest rise in inflation.

 

According to the Central Bank of Egypt, by closing time at banks on Monday, the Egyptian pound was trading at 18.20 Egyptian pounds to the US dollar from 15.70 Egyptian pounds the previous day.

 

This recent depreciation happened as Russia’s invasion of Ukraine resulted in a major blow to the international food supply chains.

 

However, as this week draws to a close, the Egyptian pound slightly recovered versus the US dollar and the other major foreign currencies. At the time of writing, US$1 is equivalent to 18.33 Egyptian pounds, per Xe.com.

 

Based on the report posted online by Egyptian news outlet Egypt Independent, foreign exchange rates continue to decline in Egypt for the second day. This development takes place following the Central Bank of Egypt’s decision to raise the interest rate.

 

The National Bank of Egypt (NBE) is the country’s largest bank in terms of deposits, assets, loans, bank capital, employees, and the number of total branches. It recorded the US dollar’s price, which decreased for the second day in a row by three piasters.

 

The NBE recorded 18.29 Egyptian pounds for purchase and 18.39 Egyptian pounds for sale. As for the euro’s price, the NBE recorded 20.0751 Egyptian pounds for purchase and 20.2529 Egyptian pounds for sale.

 

The single currency’s value versus the Egyptian pounds declined by three piasters for purchase and nine piasters for sale.

 

Finally, the NBE recorded the British pound sterling’s price as 24.1117 Egyptian pounds for purchase and 24.2987 Egyptian pounds for sale, decreasing by seven piasters for purchase and 20 piasters for sale.

 

We believe the slight recovery of the Egyptian pound against the US dollar and the other major foreign currencies can be an event that is a little bit optimistic for holders of this currency. After all, this development means they gain some purchasing power.

 

We do hope the Egyptian pound can gain some strength and avoid its seemingly continuous freefall. In this manner, the Egyptian people can benefit and get more from their hard-earned money amid the pangs of global inflation adversely impacting the world at this point.

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