These measures were implemented to adjust the official exchange rate, address backlogs in foreign exchange transactions, and eliminate the parallel foreign market
This weekly news recap brings you the latest highlights from the Egyptian economy. This recap covers a range of significant developments that have implications for Egypt's economic landscape
Despite the CBE's currency adjustment causing a significant drop of 62% in the local currency against the USD, the pound demonstrated resilience and remained stable 24 hours after the float.
The CBE's directives come within the framework of a comprehensive economic reform program that is being implemented in coordination between the Central Bank and the government with the support of bilateral and multilateral partners, and after providing the necessary financing to support foreign exchange liquidity
Governor Hassan Abdalla emphasized the severity of inflation as the most pressing challenge faced by any economy