The Egyptian pound suffered over EGP 2 loss of its value on Wednesday, January 11. That drop rate is deemed the most rapid rise in the US currency’s value in history.
On Tuesday, the IMF released a staff report documenting the new loan program for Egypt, which included the government’s upcoming plan for exchange rate flexibility for the next four years.
This report was mainly behind this sudden fall in the Egyptian currency’s worth. Accordingly, the national banks issued new exchange rates for the US dollar this morning.
At Banque Misr, the dollar traded for EGP 30.05 for purchasing and selling.
At the National Bank of Egypt, the US dollar price recorded an EGP 29.25 for purchasing and an EGP 30 for selling.
As for the CIB, the bank notified its clients via SMS that it imposed a 12% fee on transactions made in US dollars using credit cards at home and abroad.
Moreover, HSBC predicts the US dollar will exceed EGP 32 very soon.
The Us Dollar is still unstable and expected to keep a back-and-forth movement over the next few days; its latest is 29.80.