Egyptian Pound saw a decline of over 14% against the US Dollar in October

The Egyptian Pound fell by over 14% EGP 22.8 against the dollar in October, reaching an all-time low while Egypt secured a loan from the IMF amid major economic strife.
This drop is after a depreciation in March, which saw the pound fall to an initial 14%, and to bring Egypt’s trade deficit to a moderate level, the pound needs to weaken to EGP 24.6 per USD 1.
The Central Bank of Egypt (CBE) declared a 2% hike in interest rates for Q4 2022, raising lending rates to 14.25%, and deposit rates to 13.25% respectively, which aims to keep the CBE’s mandate of assuring price stability in the local market over the medium term.
Egypt earlier in the week, increased the minimum wage pay for public employees from EGP 2,700 ($118.6) to EGP 3,000 ($131.8) which will benefit over 10.5 million pensioners.

Previous Next