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, putting pressure on Egypt ahead of a crucial International Monetary Fund board meeting next week. 2021 Al-Monitor, LLC. Read our free content to get a better idea of our editorial identity. For how long is the devaluation of the pound expected to continue? Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 39 USD = 1,203.15 EGP. When is the best time to convert EGP to USD? USD to EGP forecast on Thursday, May, 18: exchange rate 30.95 Chilean Pesos, maximum 31.41, minimum 30.49. "The war has had negative effects on the national economy by draining foreign currency reserves and slowing production down," Mohamed Abdel Hamid, member of the Economic Committee in the House of Deputies (lower chamber of parliament), told Al-Monitor. 600 USD = 18,510.00 EGP610 USD = 18,818.50 EGP. 3 USD = 92.55 EGP. 570 USD = 17,584.50 EGP. 730 USD = 22,520.50 EGP. These currency charts use live mid-market rates, are easy to use, and are very reliable. It later rebounded to 29.60 to the dollar. 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? 13400 USD = 413,390.00 EGP. Wallet Investor's forecast for 2025 against the euro . 30.75 EGP. articles a month for anyone to read, even non-subscribers! 13000 USD = 401,050.00 EGP13100 USD = 404,135.00 EGP. The flotation came only hours before the CBE announced the signing of a $3 billion loan dealwith the International Monetary Fund. Both Egyptians and foreigners will need to utilize the black market to access such hard currency, where everyone is now competing for the available dollars that are provided by people transferring remittances from abroad or small-time exporters who have dollars but can now exchange them at higher prices outside of the system. 1400 USD = 43,190.00 EGP. The first three weeks of Russia's full-scale invasion of Ukraine in February led to . Fuel. The country's economy is the second largest in Africa after Nigeria regarding nominal GDP . Disclaimer search Compare to EUR / EGP 33.9555 EUR0.078% JPY / EGP 0.2319 JPY0.12% GBP / EGP 38.5829. other. 29 USD = 894.65 EGP. 760 USD = 23,446.00 EGP. USD to EGP forecast on Wednesday, May, 10: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . Any usage of materials must be accompanied by a reference to the source. This came after a parallel market had slowly flourished and the market differential reached close to 100% by the end of October. USD-EGP FORECAST 2023, 2024 - 2027 In Arabic. 14500 USD = 447,325.00 EGP. 47 USD = 1,449.95 EGP. On 1 April, the currency traded at EGP 18.28 per USD, which marked a 14.1% depreciation from the same day a month prior. 13300 USD = 410,305.00 EGP. 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. Our Standards: The Thomson Reuters Trust Principles. 700 USD = 21,595.00 EGP710 USD = 21,903.50 EGP. Dollar to Chilean Peso forecast on Monday, May, 1: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. REUTERS/Mohamed Abd El GhanyReuters. That is about 18.5% weaker than its rate before a sharp depreciation last Thursday, when Egypt said it would adhere to a "durably flexible" exchange rate as a new International Monetary Fund loan was announced, and about 35% weaker than its level at the start of the year. While a business school education can be the foundation for a young entrepreneur's career, nothing matches hands-on industry experience. 5800 USD = 178,930.00 EGP. 4700 USD = 144,995.00 EGP. 92 USD = 2,838.20 EGP. 12800 USD = 394,880.00 EGP. Since Thursday the gap between the black market and official rates for most transactions has shrunk to just five or ten Egyptian piasters, one of the traders said, though a second trader said large purchases of dollars were still being made on the black market at rates as high as 26 Egyptian pounds. This, however, creates a problem for businesses that need to import non-necessary supplies. (0.02) 30.85 EGP. The weighted average price target for the USD Dollar/Egyptian Pound currency pair as of 16-04-2023: 31.46606310547. Dollar to Chilean Peso forecast on Wednesday, April, 19: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. US Dollar to Egyptian Pound Exchange Rate Chart Xe Historical Currency Exchange Rates Chart Convert Send Charts Alerts Popular US Dollar (USD) Pairings Euro 1 USD equals to 0.916308 EUR +0.0036 (0.39%) Weekly View chart British Pound 1 USD equals to 0.804872 GBP +0.0049 (0.61%) Weekly View chart Japanese Yen 1 USD equals to 133.752 JPY 45 USD = 1,388.25 EGP. The dollar recorded LE15.64 for purchase and LE15.74 for selling at the National Bank of Egypt. For more information on the event, click here. 9800 USD = 302,330.00 EGP. The price of the dollar recorded today in Egypt during the beginning of trading on Wednesday, April 12, 2023, some changes within Egyptian banks and the black market, as well as Egyptian exchange companies, and we show you in the following lines the price of the dollar in Egyptian banks, moment by moment, for everyone interested in buying and selling the US dollar and trading in hard . 270 USD = 8,329.50 EGP. 13700 USD = 422,645.00 EGP. Some of the nation's banks have already declared new saving and investment schemes, including investment certificates with an annual interest rate of 17.25%. 3600 USD = 111,060.00 EGP. 9400 USD = 289,990.00 EGP. 16 USD = 493.60 EGP. 12500 USD = 385,625.00 EGP. 9500 USD = 293,075.00 EGP. "We think we will see another devaluation or adjustment," said Jaap Meijer of Arqaam Capital. [1/2]An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. 7300 USD = 225,205.00 EGP. USD to EGP forecast on Thursday, May, 4: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. Live tracking and notifications + flexible delivery and payment options. A cookie is a text file placed on the hard drive of your terminal (computer, smart phone, tablet, etc.) 8700 USD = 268,395.00 EGP. Do you want a free trial before subscribing? For anyone who needs to get a hold of dollars, banks are a limited option. 14700 USD = 453,495.00 EGP. Egypt's government has launched an initiative to reduce the diplomatic corps' budget. REUTERS/Mohamed Abd El Ghany, Best Parent Student Loans: Parent PLUS and Private. 97 USD = 2,992.45 EGP. Text Alerts - Be the first to get breaking news, exclusives, and PRO content. Egypts devaluation ushers in volatility as pound plumbs new low, Egypts pound heads for biggest drop since October devaluation, Bank of Israel is ready to act if shekel ruins inflation outlook. 12000 USD = 370,200.00 EGP12100 USD = 373,285.00 EGP. driven curation of top business stories accross 12 industries in the region. This month, the Egyptian pound fell to its lowest rate against the U.S. dollar in the black market, with the dollar increasing to LE 9.60 The increase of the dollar comes as a result of attempts by the Central Bank of Egypt (CBE) to regulate the exchange rate at LE 7.83 in order to avoid larger swings in the value of the currency. 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. 12 USD = 370.20 EGP. As the yawning gap between the official and parallel market rates for Egypts pound dwindled by early afternoon in Cairo, a number of traders said they were pausing operations and waiting until the end of the day to assess the situation. Fearing a Russian offensive, shipping companies are now refusing to make new commitments to traders. Public spending is on the line as the state's debt grows amid the war in Ukraine. Analysts at Fitch Solutions expect the Egyptian pound to weaken against the dollar from EGP 19.67 on October 18, ending the year close to EGP 21. 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. It aims to make browsing more fluid and to offer you content and services tailored to your interests. 250 USD = 7,712.50 EGP. Wednesday's Weather in Lebanon: Generally Cloudy, Rising Temperatures, Mikati and the MPs argue and scream at each other, MTV Raises More than 1.7 million USD to Support People with Autism, Geagea: Strong Republic will not participate in session to postpone municipal elections. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. Street level vendors were buying dollars for around 30 pounds. "The last devaluation brought the Egyptian pound to fair value," said Charles Robertson of Renaissance Capital, adding that his model might not reflect the exchange rate as accurately immediately after a devaluation. For the latest headlines, follow our Google News channel online or via the app. See here for a complete list of exchanges and delays. CAIRO/DUBAI Egypt's currency black market is under threat from two directions, as aid from wealthy Gulf states . 770 USD = 23,754.50 EGP. Special Events - Intimate in-person events with business & political VIPs. 230 USD = 7,095.50 EGP. 14400 USD = 444,240.00 EGP. For this particular reason, the black market has flourished, since importers can exchange and transfer foreign currency without strict bank restrictions. The Egyptian pound (EGP) depreciated further and crashed to a near 6-year low in August against the US dollar (USD) amid deepening deficits and dwindling international reserves.. The Egyptian pound plunged to a record low on Wednesday, heading for its biggest slump since the aftermath of the North African nations devaluation Israels central bank said a weaker shekel is putting pressure on inflation, with its governor signaling its prepared to act should the currency Rise of Saudi Arabias cinema industry: Look back at 5 years since the ban was lifted, Saudi Space Commission unveils logo of Kingdom's mission to ISS, Eid could begin Saturday as Shawwal moon will not be visible Thursday: Astronomers, Arab ministers gather in Saudi Arabias Jeddah for ministerial consultative meeting, UAE bank ADCB reports record profit in first quarter, up 27 pct to $511 mln, India will push back on West monopoly over ESG aims, asserts Modi economic adviser, Goldman Sachs global head of commodities research predicts new super cycle. 13 USD = 401.05 EGP. 260 USD = 8,021.00 EGP. Non-personalized content is influenced by things like the content youre currently viewing, activity in your active Search session, and your location. Efforts by this correspondent to purchase U.S. dollars uncovered at least one black marketeer selling dollars for 33 Egyptian pounds. 57 USD = 1,758.45 EGP. 190 USD = 5,861.50 EGP. 3300 USD = 101,805.00 EGP. Egypt's black market in US dollars appeared to screech to a halt Wednesday, as traders struggled to compete with a plunge of as much as 14% in the official rate for the local currency. But this is a stop-gap measure, with the country hoping that an IMF loan will provide long-term relief. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. In 2 weeks USD to EGP forecast on Tuesday, May, 2: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. 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