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The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
Inflation came as a result of the continuation of the same factors that caused the increase in the prices of goods and services locally during the past months, most notably the rise in the prices of strategic goods globally, the decline in the exchange rate of the Egyptian pound against the dollar, and the reduction of imports. [36]
This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an ...
This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound continued with its exchange rate of £E = £1 0s 6d sterling until the beginning of the 1960s.
The annual inflation rate reached 36.8% in June, up from 33.7% recorded in May, according to data released by the state-run Central Agency for Mobilization and Statistics. ... the Egyptian pound ...
Hany Rashwan, CEO of Amun/21Shares, explains how the proverbial bitcoin lightbulb went off when his native Egypt’s currency devalued in 2016. Hany Rashwan, CEO of Amun/21Shares, explains how the ...
The exchange rate of the US dollar to the Egyptian pound. The exchange rate has been linked to the US dollar since the 1950s. Several regimes were adopted including initially the conventional peg in the sixties, regular crawling peg in the seventies and the eighties and crawling bands in the nineties.
Egypt’s annual inflation rate set a record high in June, as the most populous Arab country continues to battle price hikes and a depreciating currency, the Egyptian statistics bureau said Monday.