U.S. Dollar Reaches an All-Time Low Against Egyptian Pound
Since Monday, all of Egypt’s major banks saw the U.S. Dollar exchange rate drop to an average of 16 EGP, the lowest so far. In fact, according to Al-Ahram, at the National Bank of Egypt and Banque Misr, the U.S. Dollar depreciated four piastres lower than the national average, recording as EGP 15.98 for buying and EGP 16.08 for selling.
Egypt has introduced a number of economic reforms to attain sustainable growth while maintaining Egypt’s most underprivileged citizenry with a specialized focus on subsidies, expanding pensions and medical insurances, and increasing job opportunities to improve living standards.
The economy has been struggling since the aftermath of the 25th of January Revolution in 2011, however, Egypt has taken a number of measures to attract investors. The most daring of which was the floatation of the Egyptian pound in late 2016, leading to its devaluation against the USD.
At its highest point, the exchange rate between the EGP and USD reached its highest at 19.67. However, in the last few days, the exchange rate has declined significantly to 16.09, a sign that the economy is recovering.
Since 2019 took off, the Dollar’s value has dropped by more than EGP 1.75.