U.S. Dollar Reaches Its Peak Marked EGP57 to EGP64 In Black Market
The U.S. Dollar has reached its peak, fluctuating between EGP57 and EGP64 in black market.
This significant fluctuation indicates a period of economic instability, where the value of the Egyptian Pound (EGP) is experiencing considerable variance against the U.S. Dollar.
The use of the black market for currency exchange, as opposed to official channels, suggests constraints and challenges within the formal financial system, potentially fueled by limited foreign exchange reserves or economic policies.
This situation often leads to a parallel market where the currency values can differ markedly from the official rates, reflecting underlying economic pressures and the market’s perception of the currency’s true worth.
However, the Presidential Spokesperson, Mohamed El-Hamsani, clarified that the current speculations about a new reduction in the Egyptian Pound’s value against US Dollar, coinciding with the visit of the International Monetary Fund delegation to Egypt, are mere speculations.