Dollar price continues to decline against EGP

Cairo – 20 February 2017: The price of the dollar against the Egyptian pound has reached its lowest level since November 2016, recording 15.80 EGP in 17 banks on Sunday, Al Borsa News website reported.

The dollar has lost 16 percent of its value against the Egyptian pound since the beginning of February, dropping from 18.89 EGP.

The Federation of Egyptian Chambers of Commerce is expecting the dollar rate to fall below 15 EGP by the end of April, Al Borsa reported quoting television statements by members of the federation.

On Nov. 3, the Central Bank (CBE) allowed the pound to float freely for the first time since it was pegged to the dollar in 1962. The pound was set at 13 pounds to the dollar with a 10 percent fluctuation allowance, marking a 32.3 percent devaluation, until an exceptional sale was held later that day.

The currency had been held at 8.8 pounds to the dollar for months prior to the devaluation, sparking a black market rate of up to 20 pounds to the dollar.

The country’s inflation also reached a record of 30.86 percent in January due to price hikes after the floatation, the CBE announced a week ago, according to Ahram Online.