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📘 Egyptian pound to dollar
The pound is allowed to float freely by the Central Bank. On November 3, the Central Bank of Egypt (CBE) suddenly declared the pound’s free-floating status in an effort to help an ailing economy beset by a severe shortage of US dollars, dwindling foreign reserves, and a widening gap between black and official exchange rate markets. The CBE had devalued the currency earlier that day, to 13 EGP per USD, a drop of 46.3 percent from the previous level of 8.88 EGP per USD. The new rate was supposed to act as a guide to help the economy get going, after which the Bank would float the pound.
The timing of the transfer was unexpected, given that the Bank had previously announced that it would happen if and when reserves reached USD 25.0 billion (September: USD 19.6 billion). The transition to a free-floating system was a prerequisite for the IMF board to consider granting Egypt a USD 12.0 billion loan to help plug the country’s severe fiscal deficit this year. Officials from the International Monetary Fund welcomed the step toward currency normalization, saying it would increase Egypt’s external competitiveness and boost exports and tourism.
😲 Is egyptian pound overvalued
According to Trading Economics global macro models and analysts, the Egyptian Pound is forecast to trade at 15.66 by the end of this year. Looking ahead, we expect it to trade at 15.76 in a year’s time.
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The USDEGP spot exchange rate indicates how much one currency, the USD, is worth in terms of another, the EGP, at the moment. The USDEGP forward rate is quoted today except for delivery and payment on a particular future date, while the USDEGP spot rate is quoted and exchanged the same day.
⚫ Egyptian pound to euro
CAIRO — Egypt’s central bank kept the pound steady at 7.7301 to the dollar in its official foreign currency auction on Sunday, three days after raising benchmark interest rates by 50 basis points. On the black market, the rate was also consistent. Egypt is experiencing a shortage of dollars and is under increasing pressure to devalue its currency. Despite declining foreign reserves, the central bank has been working to indirectly help the pound by providing banks with dollar liquidity to cover imports.
Dr. Mohammad Yahya Al-Qahtani, chairman of the SPARK board of directors, said in a press release on Monday that “OSC is providing pre-built industrial solutions that de-risk the start-up process for investors and give them flexibility to rent industrial facilities and workshops on demand, in addition to providing a complete set of supporting services.” “Thousands of employment in the energy fields are projected to be generated as a result of the base.”
“The project’s establishment of an oil and gas supply base on site at SPARK, the region’s only fully integrated energy hub, is another example of how it complements Aramco’s In-Kingdom Total Value Add Program, which promotes the growth of a diverse, sustainable, and globally competitive energy sector in the Kingdom,” Abedin said.
🤲 Egyptian pound 2020
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According to ISO 4217, the International Standard for Currency Codes, the EGP (Egyptian Pound) is the official currency of the Arab Republic of Egypt.
E£ is the symbol for the Egyptian pound. The currency’s symbol is LE, which stands for livre égyptienne, which is French for Egyptian pound. Unofficially, the Egyptian pound is still used in the Gaza Strip and parts of Sudan.
In 1834, the Egyptian pound (EGP) took the place of the Egyptian piastre. A fixed rate bimetallic standard of gold and silver was used in the new currency issue. The piastre began to circulate as a 100th of a pound coin, effectively transforming it into a one-cent coin. The millimes were renamed after the coin was split again in 1916.