Last week, Egypt devalued its currency, leading to a decrease in the value of the Egyptian pound to around 48 per dollar, compared to the maintained rate of approximately 30.8 over the past year. In the past months, Egypt faced a significant disparity between the official and blac...
CAIRO, Oct. 5 (Xinhua) -- The rate of the U.S. dollar in theEgyptian black market has recently risen to near 14 Egyptian pounds while the official rate stands at 8.88 pounds amid speculations of imminent floatation of the local currency to make it bend with the dollar wind. The foreign...
Egypt is witnessing an unprecedented devaluation of its currency, with the exchange rate of the U.S. dollar once exceeding 13 Egyptian pounds on the black market, the first time in Egypt's modern history. The CBE has put the official value of the pound steady at 8.78 to the dollar in th...
After the float and devaluation of the pound in 2003, the currency black market is just 5% of the trading market and black market rates are only about 3% off the official market rate. Foreign debt as a percentage of gross domestic product (GDP) has dropped from 77.9% in 1991 to 32.1% ...
pound continues to decline daily against the dollar at a rate of a few piasters, to approach the barrier of LE 20 per the dollar, up from LE 15 per the dollar months ago, losing around 25 percent of its value. However, the exchange rate of the dollar hits LE24 in the black ma...
A hedge fund manager who shot to infamy for crashing the British pound in 1992, Soros is among the wealthiest men on earth, with an estimated net worth of around $7 billion. That’s on top of the $32 billion he’s donated to a web of NGOs, charities and political campaigns through ...
Moreover, the Egyptian financial market suffered from a shortage of hard currency that led to the decline in the local currency's exchange rate against the U.S. dollar. Rampant inflation in Egypt came after two sharp devaluations of the Egyptian pound against the U.S. dollar this year, the...
Currency: 1 Egyptian Pound = 100 Piastres Listen to the anthem National Day:23 July (Revolution Day) National Symbols: golden eagle (national animal), white lotus (national flower) National Colours: red, white and black National Anthem: "Bilady,bilady, bilady" ("My Homeland") ...
usd to egp, including the price of 21-carat gold in the official market excluding manufacturing costs. It also provides the real-time exchange rate of the US dollar against the Egyptian pound in the black market and the instantaneous exchange rate of the Saudi riyal against the Egyptian pound...
In January 2003, the government announced the abandonment of the exchange rate peg. As the exchange rate was still far from its market-clearing equilibrium, expectations resulted in an immediate fall in the value of the Egyptian pound. The establishment of a foreign exchange interbank market ...