After a short uptick on Thursday, the EGP has stayed around the 29 mark (29.65 at 2:56 pm CT). The EGP has lost about 51% of its value since March 2022
After yesterday’s depreciation, with the EGP falling around 13% before stabilizing at 29.77 against the USD, Egypt’s interbank market saw hundreds of millions of dollars flow in, according to Reuters which cited banking sources.
The EGP plummeted against the USD yesterday to a low of 32.2 after starting the day at 27, and closing at 29.76.
After a short uptick on Thursday, the EGP has stayed around the 29 mark (29.65 at 2:56 pm CT). The EGP has lost about 51% of its value since March 2022.
One of Reuter’s sources stated that more than $800 million was traded in the interbank market on Wednesday, which was later confirmed by a separate source. So far on Thursday at least $160 million was traded.
Other sources have similar estimates; state news agency MENA reported that the banking sector saw between $650-750 million exchanging hands in the country’s interbank market yesterday, prior to yesterday, trading was at $150 million on average; while former Deputy Managing Director of Blom Bank, Tarek Metwally, projected around $650-700 million during a call to a talk show last night.
More than $250 million flowed into the market from international institutions on Wednesday, MENA said.
Reuter’s banking sources added that there were signs of international institutions pouring money into Egypt ahead of Thursday’s auction of local treasury bills.