Breaking News: Dollar Drops Against Egyptian Pound Reaching 2 EGP

After a long nosedive of the Egyptian economy, The Central Bank of Egypt announced this afternoon a significant drop of the dollar due to turbulence in the global currency markets on Friday morning, which led to elevate the Egyptian pound to 2 EGP per dollar!

A statement has been issued that black market traders’ transactions to regular clients will be limited after the central bank began a crackdown on unofficial trading.

“Trading for dollars in the black market is now limited to regular customers, traders said, as they feared a government crackdown. Last week the central bank shut down four exchange bureaus.” by Reuters.

In the past couple of months, Egypt was facing a foreign currency crisis and the dollar shortage has caused inflation and severely hurt importers and domestic manufacturers who depend on imported raw materials or components such as medicines in which they became totally unaffordable or nonexistent.

Today, the bank surprised markets when it strengthened the pound by 1.87 piasters and the Cairo stock exchange recorded its largest single-day rise of 25 percent up after being 7% since July 2013.

WE SAID THIS: Well, we wish this was true, we hate to be the ones to break it to you, but you have been fooled. Have a happy April’s Fool Day. 🙂