The fair price of the Egyptian pound
stimulates new propositions
In regards to the effect of the reserves on the value of the Egyptian pound
, Youssef explained that the timing of this move is in the hands of the CBE alone and is linked to the cash inflow in the coming period, especially the IMF loan, amid the lack of other resources.
The market had expected that the CBE will further devalue the Egyptian pound
after several statements made by CBE Governor Tarek Amer indicating that the bank will reduce the value of the pound soon.
On the other hand, the price of the US dollar has seen a state of stability against the Egyptian pound
in both Banque Misr and Al Baraka Bank, recording EGP 16.73 for buying, and EGP 16.83 for selling.
The Egyptian pound
strengthened slightly against the US dollar on Monday.
There are benefits to the high interest rate policy in Egypt, including the incentive for foreign investors to keep capital in Egypt, as well as improving the yield on offer for the Egyptian pound
The Central Bank of Egypt (CBE) had liberated the Egyptian pound
exchange rate early November, scoring EGP 13 against the American dollar during the first day of liberation rather than EGP 8.88, and raised the interest rates by 3% to adjust to the forex market.
While the official exchange rate is close to Egyptian pound
7.8 to the U.S.
According to a government decree issued late on Sunday, residential and commercial users of less than 25 cubic metres of gas per month will pay 0.40 Egyptian pounds
($0.06) per cubic metre from May.
His unique exhibition comprises paintings on wood, 201 x 202 cm, depicting the Egyptian Pound
Egypt's Trade Ministry said on Monday it has doubled export duties on rice to 2,000 Egyptian pounds
($358) per tonne.
The absence of an official monetary policy has led to complaints regarding lack of transparency, and the peg itself has resulted in overvaluation of the Egyptian pound
, larger trade deficits and a shortage of hard currency All of these factors contributed to slower GDP growth.