The dollar exchange rate against the Egyptian pound remained stable on Friday.
Below is Friday’s dollar exchange rate
National Bank of Egypt (NBE)
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
Suez Canal Bank
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
United Bank
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
Bank of Egypt
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
Commercial International Bank (CIB)
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
Alexandria Bank
Buying price: 47.95 Egyptian pounds
Selling price: 48.05 Egyptian pounds
Devaluation efforts
To address the shortage and stabilize the economy, the Central Bank of Egypt devalued the pound several times in 2023.
This made Egyptian goods cheaper for export, potentially attracting foreign investment.
On the flip-side, it also increased the cost of imported goods, including essentials like food and fuel, leading to inflation.
IMF loan and reforms
Egypt secured a loan from the International Monetary Fund in 2023 with the condition of implementing economic reforms.
These reforms included a move towards a more flexible exchange rate system, allowing the market to determine the value of the dollar to some extent.
Recent dollar decline
The recent decline in the dollar’s value against the Egyptian pound could be due to several factors:
Improved economic outlook: A perceived improvement in Egypt’s economic situation, potentially due to success with the IMF reforms or increased foreign investment, could lead to more confidence in the Egyptian pound thereby causing its value to rise.
Temporary fluctuation: It’s also possible that the decline is a temporary fluctuation within the new, more flexible exchange rate system.
