Egyptian pound - Wikipedia

The currency was initially devalued by At the same time, the central bank also hiked rates by basis points in an attempt to curtail the inflation that's likely to follow the weaker exchange rate. Inflation, which is already high following March's devaluation, is likely to rise. Despite that short-term pain, the devaluation stands to help the country in the long-run and is likely a welcome sign for foreign investors.

A weaker currency would also boost external competitiveness and encourage foreign investors back to the country. Stocks have since retraced earlier gains, and are up by 3.

The Egyptian economy has been struggling sincewhen President Hosni Mubarak was ousted. In any case, although devaluing the currency will likely be a positive development in the long-run, it's not going to fix anz exchange rates graphs immediately and there are still short-term hurdles.

Although, as noted above, the central bank's rate hike could dampen the effect. Furthermore, "e ven with the lower rate, Egypt is still far from competitive for many businesses to invest, particularly compared with Morocco and Eastern Europe," the BMI Research team wrote.

Egyptian Pound to Dollar - EGP to USD exchange rate - Currency Converter

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EGP - Egyptian Pound rates, news, and tools

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US Dollar To Egyptian Pound Today's Rate 【$ 1 = £ 】 USD/EGP - Mataf

Egypt just massively devalued its currency — here's what happens next Egypt just massively devalued its currency — here's what happens next Egypt's central bank floated the pound on Featured Why big data can make HR more important. Thanks to our partners. Registration on or use of this site constitutes acceptance of our Terms of ServicePrivacy Policyand Cookie Policy.

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