The Egyptian pound plunged to a historic low, depreciating more than 84% against the dollar. According to the Refinitiv tracking service, one dollar was worth 30 Egyptian pounds on the offshore market on Wednesday.
The official central bank rate on Wednesday was set at 27.59 pounds to the dollar, while the dollar sale rate was 27.67. Egypt's two state banks, the National Bank of Egypt and Banque Misr, set the dollar purchase rate at 29 pounds.
The fall of the national currency has started in March 2022 after the central bank decided to move to a more flexible monetary regime. At the end of October, the exchange rate of the Egyptian pound to the dollar fell by 15% to a historic low. In March, the dollar was worth 15.6 Egyptian pounds.
GSV "Russia - Islamic World"
Photo: kschneider2991/Pixabay
Based on materials from TASS