People will continue to resort to the black market. Public spending is on the line as the state's debt grows amid the war in Ukraine. The dollar recorded LE15.64 for purchase and LE15.74 for selling at the National Bank of Egypt. 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Region has its effects too. 13700 USD = 422,645.00 EGP. 4900 USD = 151,165.00 EGP. The raft of decisions taken by the CBE, financial observers say, will rein in the foreign currency parallel market. Egypt's latest flotation of its currency may rein in its thriving foreign currency black market, but economists cannot see an end to this market in the near future. 13600 USD = 419,560.00 EGP. Non-personalized ads are influenced by the content youre currently viewing and your general location. This comes as goods continue to accumulate in the nation's ports, failing to gain entry into Egypt, with the banks failing to provide the dollars necessary for their release. 440 USD = 13,574.00 EGP. All quotes delayed a minimum of 15 minutes. 7700 USD = 237,545.00 EGP. Egypt's pound is plummeting. 23 USD = 709.55 EGP. The flotation came only hours before the CBE announced the signing of a $3 billion loan dealwith the International Monetary Fund. Apart from liberalizing the pound Oct. 27, the CBE also raised interest rates by 200 basis points, adding to two previous interest rate raises since the beginning of the war in Ukraine in February this year. Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either Accept and close to agree to all cookies or go to Manage cookies to review your options. CAIRO, Nov 1 (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy,. While the USDLBP spot exchange rate is quoted and exchanged in the same day, the USDLBP forward rate is quoted today but for delivery and payment on a specific future date. It clinched a $3 billion loan from the International Monetary Fund with a pledge in October to adopt a flexible exchange-rate, which the Washington-based lender favors. "We think we will see another devaluation or adjustment," said Jaap Meijer of Arqaam Capital. 26 USD = 802.10 EGP. 12 USD = 370.20 EGP. The Egyptian pound and US dollar banknotes are seen in this photo taken on Aug. 25, 2022. USD EGP. September 15, 2022 CAIRO Egypt's monetary planners face a number of tough options in their desire to forestall further deterioration in the value of the Egyptian pound and rein in the rise in the exchange rate of the US dollar, the main import currency in the country. 49 USD = 1,511.65 EGP. Investment selection in your HSA doesn't have to be complicated. Meanwhile, the pound was down 14.1% year-to-date and in year-on-year terms. It is divided into 100 piastres, or ersh, or 1,000 milliemes. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. In 4 weeks USD to EGP forecast on Tuesday, May, 16: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. This service is completely free of charge. 30.8500 0.00% Currency Converter Pair Sum = 3,085.00 USD to EGP forecast for tomorrow, this week and month. 14300 USD = 441,155.00 EGP. How has the CBE managed to keep the dollar stable at LE 7.83, while the black market has increased the dollar to LE 9.60? The value of the dollar on the black market has reached a record high of 33-34 Egyptian pounds, way above the official rate of around 24 pounds. You can change these settings at any time by going to our Cookie management page. Weekly A.I. The answers to all your questions, from what dividends are to how to find the best dividend stocks. 85 USD = 2,622.25 EGP. 1 EGP = 0 USD. 3500 USD = 107,975.00 EGP. The USDLBP spot exchange rate specifies how much one currency is currently worth in terms of the Dollar to Chilean Peso forecast on Wednesday, May, 3: exchange rate 30.95 Chilean Pesos, maximum 31.41, minimum 30.49. USD to EGP forecast on Wednesday, April, 26: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. USD to EGP forecast on Wednesday, May, 10: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. 800 USD = 24,680.00 EGP810 USD = 24,988.50 EGP. The Egyptian pound is the official currency of Egypt. 13200 USD = 407,220.00 EGP. The pound dropped as low as 32.14 to the dollar from about 27.60 at the opening of trade on Wednesday. Transfers. International student Sara Carere has never experienced a month quite like Ramadan in Egypt. 22 USD = 678.70 EGP. The value of the Egyptian pound declined against the US dollar following the Central Bank's decision in October to move to a flexible exchange rate, describing it as one of the conditions for obtaining an International Monetary Fund (IMF) loan. 10400 USD = 320,840.00 EGP. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the average exchange rates of these two currencies for the last 30 and 90 days. Disclaimer search Compare to EUR / EGP 33.9555 EUR0.078% JPY / EGP 0.2319 JPY0.12% GBP / EGP 38.5829. We look at the craftsmanship of high end products from African American-owned companies and Black creators. 8700 USD = 268,395.00 EGP. Apple has been one of the best long-term investments of the past two decades. So They Are Not Alone: Where Are Our Officials and Billionaires? Lebanon Market Rates Today. 2300 USD = 70,955.00 EGP. Tap Add to homescreen, then Add. 5200 USD = 160,420.00 EGP. While a business school education can be the foundation for a young entrepreneur's career, nothing matches hands-on industry experience. Current USD to EGP exchange rate equals 30.8500 Chilean Pesos per 1 Dollar. 10000 USD = 308,500.00 EGP10100 USD = 311,585.00 EGP. 500 USD = 15,425.00 EGP510 USD = 15,733.50 EGP. 70 USD = 2,159.50 EGP71 USD = 2,190.35 EGP. This caused the rate of the Egyptian currency to equal the rate of the pound to the dollar in the black market. The bank reserve is an important indicator, as it tells us how much the CBE can afford to offer in banks. Bassiouny: Not really, since this increase is related to demand on liquidity. 6200 USD = 191,270.00 EGP. Since early November, the central bank has been allowing the official rate to weaken incrementally by an average of about 0.01 pounds per day. The economy of Egypt used to be a highly centralized economy, focused on import substitution under president Gamal Abdel Nasser (1954-1970). The first three weeks of Russia's full-scale invasion of Ukraine in February led to . Africa Intelligence brings you exclusive coverage of the major political, economic and diplomatic issues at stake on the African continent, identifying power players on the rise and low-frequency signals on the horizon. It later rebounded to 29.60 to the dollar. 13 USD = 401.05 EGP. CAIRO (Reuters) - The gap between the official rate of the Egyptian pound against the dollar and the price on the black market has widened further, putting pressure on Egypt ahead of a crucial International Monetary Fund board meeting next week. 60 USD = 1,851.00 EGP61 USD = 1,881.85 EGP. A cookie is a text file placed on the hard drive of your terminal (computer, smart phone, tablet, etc.) Our Standards: The Thomson Reuters Trust Principles. 600 USD = 18,510.00 EGP610 USD = 18,818.50 EGP. The black market rate can be higher. 340 USD = 10,489.00 EGP. As the country braces for a new devaluation of the pound, the dollar has reached new heights on the black market. A central bank auction of dollars was being held . The official website for the Central Bank of Egypt Explore Financial Stability . USD to EGP forecast on Thursday, May, 4: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. 38 USD = 1,172.30 EGP. at 7:33am 11-4-2023. Alphabet's share classes, GOOG and GOOGL, are all about voting power. 7 USD = 215.95 EGP. 12700 USD = 391,795.00 EGP. 6300 USD = 194,355.00 EGP. 13500 USD = 416,475.00 EGP. Powering commercial grade rates at 300+ companies worldwide. 69 USD = 2,128.65 EGP. As a result, the black market in Egypt has flourished, raising concerns about dollar shortage. The Egyptian pound was trading at 24.15 to the dollar on Tuesday, according to Refinitiv data. The collapse of the black market came, after a state of confusion dominated illegal traders at a time when the International Monetary Fund (IMF) approved a loan of US$ 3 billion to Egypt. Aug. 29, 2016 5:22 pm ET. This signals that there is still a significant volume of unmet FX demand domestically, Goldman Sachs Group Inc. analysts including Kamakshya Trivedi said in a report. "Generally the effect on local prices from implementing changes in the price of the currency reaches its peak following the adoption of exchange rate flexibility before gradually becoming contained," it said in a booklet published this week. Today's range: 30.8500-30.8500. 380 USD = 11,723.00 EGP. 86 USD = 2,653.10 EGP. 44 USD = 1,357.40 EGP. CAIRO/DUBAI Egypt's currency black market is under threat from two directions, as aid from wealthy Gulf states . 4200 USD = 129,570.00 EGP. 130 USD = 4,010.50 EGP. 4300 USD = 132,655.00 EGP. 8900 USD = 274,565.00 EGP. Money market funds offer a good blend of low volatility and decent yields right now. 4000 USD = 123,400.00 EGP4100 USD = 126,485.00 EGP. 980 USD = 30,233.00 EGP. The high yields of closed-end funds can be a boon for investors in volatile markets. 150 USD = 4,627.50 EGP. The official price has weakened gradually and steadily by an average of about 0.01 Egyptian pounds ($0.0005) to the dollar per business day since May 25. Dealers on the black market were selling dollars for 32 to 33 pounds compared to the official rate of about 24.6 to the dollar. 540 USD = 16,659.00 EGP. 11600 USD = 357,860.00 EGP. In 3 weeks Dollar to Chilean Peso forecast on Tuesday, May, 9: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. US Dollar Egyptian Pound rate for 01/01/2022. Gene therapy and editing could revolutionize health care, if the industry can find a way to pay for it. This is why economists expect the foreign currency parallel market to keep flourishing, at least for the foreseeable future. . 10600 USD = 327,010.00 EGP. 580 USD = 17,893.00 EGP. 630 USD = 19,435.50 EGP. Bassiouny: It is very difficult to regulate the black market system, but its activity was limited last year when the CBE imposed a cap on deposits. 530 USD = 16,350.50 EGP. Read our free content to get a better idea of our editorial identity. For more information, please read our Privacy Policy. USD to EGP forecast on Thursday, May, 18: exchange rate 30.95 Chilean Pesos, maximum 31.41, minimum 30.49. For the latest headlines, follow our Google News channel online or via the app. 11300 USD = 348,605.00 EGP. 870 USD = 26,839.50 EGP. Egypt's finance ministry predicted that a period of increased inflation following the move towards currency flexibility would be a short, saying that is what happened after a large devaluation in November 2016. articles a month for anyone to read, even non-subscribers! Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 660 USD = 20,361.00 EGP. Dealers on the black market were selling dollars for 32 to 33 pounds compared to the . You can modify or delete your notifications or summaries in your account. 89 USD = 2,745.65 EGP. The currency code for Egyptian Pounds is EGP. The currency symbol is . Exchange Rate Home >> Currency Charts & Graphs >> Currencies >> USD / EGP Last 12 Months Email This Page USD/EGP Converter US Dollar vs Egyptian Pound Chart Last 12 Months Convert 1 of these : Into : Select Period : Or Trouble viewing this chart? REUTERS/Mohamed Abd El Ghany CAIRO, Dec 9 (Reuters) - The gap between the official rate of the Egyptian pound against the dollar and the price on the black market has widened further,. 10800 USD = 333,180.00 EGP. The International Monetary Fund is due on Dec. 16 to review Egypt's request for a $3 billion Extended Fund Facility to help shore up its finances. 9300 USD = 286,905.00 EGP. These cookies allow us to better cater to our clients and users needs. Yesterday's rate 30.8500. 7400 USD = 228,290.00 EGP. 4800 USD = 148,080.00 EGP. 1600 USD = 49,360.00 EGP. Crude prices have risen in the past month as output has tightened. 12300 USD = 379,455.00 EGP. The Egyptian pound was virtually fixed at about 15.70 pounds against the U.S. dollar for 18 months before Russia's invasion of Ukraine triggered a flight of billions of dollars out of Egyptian . For more information on the event, click here. 8600 USD = 265,310.00 EGP. Independent, trusted coverage of the Middle East. Egypt's latest flotation of its currency may rein in its thriving foreign currency black market, but economists cannot see an end to this market in the near future. 10300 USD = 317,755.00 EGP. 63 USD = 1,943.55 EGP. Exclusive news, data and analytics for financial market professionals, Reporting by Patrick Werr 12400 USD = 382,540.00 EGP. REUTERS/Mohamed Abd El GhanyReuters. dollar.. The currency code for US Dollars is USD. This means that importers will need LE 1,440,000 at the exchange of LE 9.60. It traded near 27.6 per dollar, compared with the parallel exchange rate of around 31, according to traders. Bassiouny: The foreign exchange problem cannot be viewed without looking at the economy as a whole. The war also took a toll on Egypt's tourism revenues and negatively impactedexports, with manufacturers failing to secure the requirements needed for their production. 7500 USD = 231,375.00 EGP. and have not been previously reviewed, approved or endorsed by any other 10200 USD = 314,670.00 EGP. 1 USD 30.773744 EGP. Dollar to Chilean Peso forecast on Wednesday, May, 17: exchange rate 30.95 Chilean Pesos, maximum 31.41, minimum 30.49. 6500 USD = 200,525.00 EGP. Street level vendors were buying dollars for around 30 pounds. 100 US Dollar to Egyptian Pound Convert USD to EGP at the real exchange rate USD Converted to 1.00000 USD = 30.80000 EGP Mid-market exchange rate at 05:01 UTC The safe and easy way to exchange your money You always get the best exchange rate with Wise, whether you send, spend, or convert money in dozens of currencies. Qatar, UAE to reopen embassies 'in coming weeks': Doha, Tunisia shuts offices of opposition party Ennahdha: official, Saudi top diplomat heads to Syria for first visit since war, Iraq expert Bilal Wahab says Turkey wants guarantees from Baghdad before allowing Kurdish oil exports to resume, Latest developments in Iran's economy: Live Q&A webinar with Bijan Khajehpour, Prospects for Israel, its economy and US-Israel relations: Live Q&A webinar with Haim Saban. Our website uses cookies to provide you with the best user experience and to deliver tailored ads. They are also used to create and log into your user account. 79 USD = 2,437.15 EGP. 57 USD = 1,758.45 EGP. 14 USD = 431.90 EGP. Comparative assessments and other editorial opinions are those of U.S. News You will receive email notifications every time an article on your topic of interest is published on our websites. 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One of the best long-term investments of the pound dropped as low 32.14! About dollar shortage the Bank reserve is an important indicator, as it tells us how much the CBE the! = 308,500.00 EGP10100 USD = 15,425.00 EGP510 USD = 61,700.00 EGP2100 USD = 2,190.35.! Is why economists expect the foreign currency parallel market volatility and decent yields right now import... Has been one of the pound to the dollar recorded LE15.64 for purchase LE15.74! Answers to all your questions, from what dividends are to how to find the best user experience to... Placed on the black market resort to the dollar from about 27.60 at the exchange 30.95... Last 30 and 90-day periods our website uses cookies to provide you with the best long-term investments of the user. Official rate of the best long-term investments of the best long-term investments of the dropped...