US Dollar Rate Hits New High Against Egyptian Pound ...Egypt

The Egyptian pound (EGP) reached a new low against the US dollar (USD) this week, selling at EGP 49.3034 per USD and buying at EGP 49.2034 as of 5 August, according to data from the Central Bank of Egypt (CBE). This is the highest USD rate against the EGP since 7 March, when Egypt last devalued its currency causing it to fall to around EGP 50 before eventually settling to around EGP 47 weeks later. Since March, the CBE has abided by a flexible exchange rate system, enabling the currency to react naturally to market fluctuations. OTHER CURRENCIES In Europe, the euro (EUR) is now buying and selling between EGP 53.8778 and EGP 53.9922. The British pound (GBP) also gained substantially against t

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