Egyptian pound

Stabilizing after the float, LE stands firm at under LE 50 against USD

Thu, 07 Mar 2024 - 01:26 GMT

In the 24 hours after the Central Bank of Egypt's (CBE) decision to float the Egyptian pound on Wednesday, leading to a significant decline of 62 percent in value, the pound displayed resilience

Dollar concludes Wednesday’s transactions at LE 49.4743 for buying, LE 49.5743 for selling

Wed, 06 Mar 2024 - 05:22 GMT

The highest dollar rate on Wednesday reached LE 50.75 for buying and LE 50.85 for selling at Credit Agricole Egypt, MIDBANK, Abu Dhabi Islamic Bank Egypt, Abu Dhabi Commercial Bank Egypt, and Emirates NBD Egypt.

Devaluation will raise pound to LE45-50 against USD: JP Morgan

Sun, 11 Feb 2024 - 06:01 GMT

JP Morgan expects that any currency adjustment will be accompanied by an increase in deposit interest rates by an additional 2 percent

Goldman Sachs advises against further devaluation of EGP amid economic challenges

Thu, 08 Feb 2024 - 02:52 GMT

The bank believes that, under the current circumstances, it is unlikely that any reduction in the value of the Pound would achieve the goals of the Egyptian government.

S&P predicts LE to adjust closer to black market rates, believes IMF to release tranches post-adjustment

Mon, 29 Jan 2024 - 12:29 GMT

“We think more clarity on exchange rate policy would benefit trade and economic growth and trigger an increase in remittance inflows,” S&P wrote in its report

Devaluation of LE could persuade USD holders to deposit FX into banks to close rate gap

Mon, 22 Jan 2024 - 05:26 GMT

The committee head stressed that certain requirements must be met prior to any devaluation or currency adjustment, emphasizing the need for a sustained decline in inflation rates.

Adopting new flexible FX policy should settle pound at LE 39.61 against USD by 2028: IDSC

Mon, 08 Jan 2024 - 05:33 GMT

The government’s 2030 strategy included driving inflation down to 9.2 percent on average between 2024 and 2028, with a further decline to 5 percent by 2030

HSBC predicts new devaluation to occur within Q1 2024, forecasts LE40-45 against USD

Sun, 17 Dec 2023 - 03:15 GMT

The bank stressed that the pound’s adjustment is simply part of a wider transition by the government toward a more flexible exchange rate regime

Morgan Stanley suggests phase devaluation as it renews economic reforms post-election

Wed, 13 Dec 2023 - 03:19 GMT

In a research note seen by the news outlet, Morgan Stanely suggested Egypt implement a “phased devaluation of the pound in the short term, rather than a complete floatation of the exchange rate” rather than a free float

Standard Chartered revises prediction for pound devaluation, says not likely before 2024

Sun, 15 Oct 2023 - 04:56 GMT

The revision comes in light of recent comments by the International Monetary Fund’s Managing Director, Kristalina Georgieva, and Egyptian officials over the past week

Egypt is not in the midst of discussions with IMF to peg LE to new basket of currencies, Bloomberg

Thu, 12 Oct 2023 - 02:01 GMT

At last year’s Egypt Economic Conference, then-acting CBE governor Hassan Abdallah announced that the central bank was developing an index for the LE that would potentially link it to a basket of foreign currencies

Egyptian pound devaluation expected amid inflation concerns, interest rates rise: Capital Economics

Sun, 13 Aug 2023 - 07:33 GMT

Capital Economics projects that the Egyptian pound will depreciate to 35 per dollar by the close of 2023, marking a 12 percent devaluation from its current rate of 30.95 per dollar.

Egypt expected to devalue the EGP... what if it doesn’t in the short term?

Mon, 22 May 2023 - 08:01 GMT

What if Egypt won’t devalue its currency in the short term?

Future contracts for Egyptian pound fell to LE38

Wed, 08 Mar 2023 - 02:12 GMT

Since the beginning of March, the exchange rate has witnessed successive declines, heading towards LE 31.

Dollar price increases at end of transactions at Egypt's major banks

Mon, 30 Jan 2023 - 05:43 GMT

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered LE 29.90 for buying and LE 30.00 for selling.

Russia adds EGP to its foreign currencies list

Thu, 19 Jan 2023 - 09:26 GMT

The exchange rate of the Russian ruble against the Egyptian pound recorded about 43 piasters, according to the list of the Russian Central Bank.

Egyptian banks can withstand further EGP depreciation: Fitch

Tue, 17 Jan 2023 - 03:04 GMT

It added that large private-sector banks are better-placed to withstand currency depreciation than the two largest public-sector banks, National Bank of Egypt (NBE) and Banque Misr (BM), due to their higher regulatory capital buffers.

UPDATED: Dollar price records unprecedented rise, drop during Wednesday trading

Wed, 11 Jan 2023 - 12:10 GMT

While the Central Bank leaves prices setting according to the mechanisms of supply and demand, without any intervention to support the value of the local currency.

Dollar exchange rate rises against Egyptian pound, exceeding LE 26

Wed, 04 Jan 2023 - 11:11 GMT

In the two largest banks in terms of assets and transactions, the National Bank of Egypt and Banque Misr, the exchange rate recorded LE 25.9 for purchase, and LE 25.95 for sale.

Egypt denies allegations about pound exchange rate, dollar shortage

Tue, 13 Dec 2022 - 05:37 GMT

It stated in a recent report that Egypt has recently adopted a flexible exchange rate policy, describing it as the most appropriate one in the case of open economies that adopt an independent monetary policy.