News

Egyptian Pound Falls to 10 Against Dollar on Black Market, Marking All-Time Low

Egyptian Pound Falls to 10 Against Dollar on Black Market, Marking All-Time Low

An employee counts money at an exchange office in downtown Cairo Credit: Amr Abdallah Dalsh/ Reuters
An employee counts money at an exchange office in downtown Cairo
Credit: Amr Abdallah Dalsh/ Reuters

The Egyptian pound weakened to a record low of 10 against the dollar on the black market on Monday as the country’s currency crisis continues to gather steam, according to Reuters.

Black market currency rates reached 10 against the dollar compared to last week’s EGP 9.8 per dollar, five traders told the wire agency.

The fall of the pound comes as import-dependent Egypt faces a foreign currency crisis that has pressured the government to devalue the pound.

In an effort to bridge the gap between official and black market rates, the Central Bank of Egypt devalued the country’s currency from 7.83 to 8.95 per dollar on March 14, which marked the first under current CBE governor Tarek Amer. The bank later strengthened it and adopted a more flexible exchange-rate policy.

Foreign currency reserves declined by more than 50 percent last month to USD 16.5 billion, from roughly USD 36 billion prior to the 2011 revolution, with Egypt struggling to regain the rapidly depleting reserves.

Egyptian Plane Hijacked, Forced To Land At Cyprus
Egypt Signs Education, Science Cooperation Agreements with China

Subscribe to our newsletter


News

More in News

Orascom Inks Deal to Build 500 MW Wind Farm in Egypt

Egyptian Streets14 October 2021

Egyptian Football Fans to Return to Stadiums After a 6-Year Ban

Nadine Khaled13 October 2021

‘Everything Under Control’ After Fire Engulfs Gouna Film Festival Plaza

Egyptian Streets13 October 2021

Egypt Arrests Three After 20,000+ Vaccines Found Dumped in Waterway

Mona Abdou11 October 2021

Egypt’s Big Ramy Wins Mr. Olympia Title for Second Year in a Row

Egyptian Streets10 October 2021

Egypt Announces the Third Fuel Price Increase of 2021

Nadine Khaled8 October 2021

Moushira Khattab Becomes First Female President of Egypt’s Human Rights Council

Marina Makary7 October 2021

Egypt’s Sisi Appoints 98 Women to State Council Positions

Egyptian Streets5 October 2021