The Egyptian pound fell below LE7 to the US dollar on the official exchange market on Wednesday, following a foreign exchange auction.
The selling price of the Egyptian pound stood at 7.00 to the greenback after the Central Bank of Egypt (CBE) auctioned off $38.9 million at LE6.9902 to the dollar.
In May, the official exchange rate reached LE7 to the dollar at commercial banks in Egypt, a rate unseen since 2003 – despite recent financial lifelines that Egypt has received from friendly nations.
Qatar has recently deposited $3 billion in the CBE for the purpose of buying treasury bonds at a rate of 3.5 percent.
Libya, too, recently deposited another $2 billion in the CBE, which helped Egypt's foreign currency reserves register their first increase in five months, recording $14.42 billion by the end of April.
On the black market, meanwhile, the cost of the Egyptian pound remained unchanged on Wednesday at 7.55/7.60 to the dollar.
The local currency has come under increased pressure as Egypt's economy struggles with political disturbances in the wake of the country's 2011 revolution, losing more than 11 percent of its value since last December.
Source: http://english.ahram.org.eg/News/74449.aspx
Exchange Rate (20th June 2013)
1 GBP (GBP) - 10.94 EGPs (EGP)
1 EUR (EUR) - 9.38 EGPs (EGP)
1 USD (USD) - 7.00 EGPs (EGP)
Data courtesy of Coinmill
Egypt pound officially hits 7LE-to-dollar mark
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Re: Egypt pound officially hits 7LE-to-dollar mark
Yesterday the U.S. announced that quantative-easing has now almost come to an end, this seems to have come as a shock to the worlds stock markets, though I for one moment can not understand why. The Bank of England will follow, no matter what Mervin King will say. Bonds, it seems will become popular again,................every dog has its day.
P.S.- God help the LE now.
P.S.- God help the LE now.
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Re: Egypt pound officially hits 7LE-to-dollar mark
So that's bad, is it ? from 5 - 15 le those were the days, gold antique prices will rocket...
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Re: Egypt pound officially hits 7LE-to-dollar mark
Correction, Mr.D - Mervyn King has gone and has been replaced by a Canadian!
I might agree with you, but then we'd both be wrong!
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Re: Egypt pound officially hits 7LE-to-dollar mark
There are far to many Mr. D's on here. I'm scratching me 'ed wondering what I said.
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Re: Egypt pound officially hits 7LE-to-dollar mark
And people wonder why I like recognised names! I saw a 'H' the other day but again it could have been a reference to any one of a number of members!Dusak wrote:There are far to many Mr. D's on here. I'm scratching me 'ed wondering what I said.
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Re: Egypt pound officially hits 7LE-to-dollar mark
Next week will see the start of the perfect storm that has been announced by the Fed in the U.S.A., we are going to see the British finance minister introduce quite server tax hikes, that are going to shock a few Brits.
Interest rates on pure cash will very soon rise throughout the world, Britain's debt is probably way over $1 TRILLION, it really must clear some of this and quickly. As for the old folk, who for a long time have been getting a very raw deal on savings,........things are about to change.
With regards to Europe, and especially the likes of Greece, as I have said the perfect storm, anything can and will happen.
As for you ex-pats in Egypt, I can still only offer you my same old song,.........There may be trouble ahead, but while there's moonlight,......etc,etc........(and from more than one direction.)
Interest rates on pure cash will very soon rise throughout the world, Britain's debt is probably way over $1 TRILLION, it really must clear some of this and quickly. As for the old folk, who for a long time have been getting a very raw deal on savings,........things are about to change.
With regards to Europe, and especially the likes of Greece, as I have said the perfect storm, anything can and will happen.
As for you ex-pats in Egypt, I can still only offer you my same old song,.........There may be trouble ahead, but while there's moonlight,......etc,etc........(and from more than one direction.)
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Re: Egypt pound officially hits 7LE-to-dollar mark
Been saying that for a while A4, but you are right I am suprised that they have hung on so long without devaluation, but this and another auction of Egyptian Pounds on the World Market should speed things up! I predict that before the next Elections things will have risen by over 50%
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