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Although Egypt was spared the harsher tariffs faced by other Middle Eastern countries, such as Israel and Iraq, it is not immune to the broader economic fallout.
By the end of the trading session, the dollar closed at LE 51.0564 for buying and LE 51.1944 for selling, up from LE 50.5296 and LE 50.6669 at the close of the previous week
Geopolitical conditions, a rising import bill, and the maturity of external debts due in March are expected to put additional pressure on the currency.
This is leading to a “lower roll-over of positions,” particularly as the finance ministry has until recently resisted raising yields at auction in order to keep the cost of borrowing down, said Goldman Sachs
The Central Bank of Egypt (CBE) has reportedly directed banks, for the first time in two months, to allocate dollars for letters of credit (LC) related to the importing of non-essential goods requiring pre-approval.
The firm warned that continued unrest, particularly in Gaza and along the Israeli-Lebanese border, could perpetuate instability and investor concerns about Egypt’s economic outlook.
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
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
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
The US dollar price started with a surge recording LE 32, and then decreased to LE 29.67 on Wednesday.
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.
On July 6, many important events took place.
In light of volatile economies the world faces nowadays, Bloomberg reviewed Egypt's economy in a report, referring to it as the traders’ refuge from volatility.
The U.S. dollar exchange rate slightly declined against the Egyptian pound in Tuesday banking transactions, to continue the trend started Monday .
The U.S. dollar exchange rate slightly declined against the Egyptian pound in Monday banking transactions for the first time in four months.
The U.S. dollar exchange rate stabilized against the Egyptian pound in Thursday morning’s banking transactions.
The exchange rate of the U.S. dollar stabilized against the Egyptian pound in Wednesday morning’s banking transactions.
Bloodied by an election gamble that backfired and triggered calls for her resignation, Prime Minister Theresa May on Friday.
The U.S. dollar exchange recorded an average of LE 18.03 for buying and LE 18.138 for selling against the Egyptian pound.
Egypt's Trade Ministry has issued tough new regulations on importers by sharply raising the minimum capital they need to operate.
