Reuters: The Egyptian pound continues to drop to 24 against the dollar

Refinitiv data showed that the Egyptian pound fell around 4% to 24 pounds against the dollar, with trading resuming today, Sunday, after the weekend.

The Egyptian pound fell against the dollar about 14.5% on Thursday after authorities announced their commitment to a permanently flexible exchange rate system. in coinciding with the reaching of an initial agreement to obtain a three billion dollar loan from the International Monetary Fund.

Read more: From 9 to 23 pounds … How the price of the pound has fallen against the dollar in 6 years?

In his comment, economist Dr Hani Genena believes that the wave of the pound’s decline will continue until mid-November, as Egypt has so far obtained no funding and all that has been announced is the funding program. of 9 billion dollars.

In his speech in Al-Arabiya.netindicated that the Central Bank of Egypt has several options and it is in able to stop the dollar from rising, whether this is done by raising interest rates by large percentages, but in in this case the local market will witness a difficult state of stagnation.

He explained that after the sterling devaluation decisions, the dollar exchange rate is currently at the level of £ 23, at a fair level, and the dollar’s rally is expected to begin to decline by mid-November after the meeting. of the Board of Directors of the International Monetary Fund and approval of the financing for Egypt And the arrival of the first tranche of financing, followed by other donor institutions to start pumping what was agreed into the Egyptian market.

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