In a call with investors on Monday, Egypt's central bank governor and deputy governor said the bank was committed to a flexible exchange rate and would continue on this path, according to two people who took part in the call. During the rule of president Abdel Fattah el-Sisi (2014-present), the economy follows Egypt's 2030 Vision.The policy is aimed at diversifying Egypt's economy. USD to EGP forecast on Friday, May, 12: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. USD EGP. You can change these settings at any time by going to our Cookie management page. While the USDLBP spot exchange rate is quoted and exchanged in the same day, the USDLBP forward rate is 4 USD = 123.40 EGP. That's the highest since Bloomberg started the weekly surveys on May 21. . 2400 USD = 74,040.00 EGP. 4800 USD = 148,080.00 EGP. 860 USD = 26,531.00 EGP. Egypt needs to unlock more financing from abroad as it tries to clear the logjam of imports at its ports thats adding to a backlog of unfulfilled demand for dollars. 19 USD = 586.15 EGP. 39 USD = 1,203.15 EGP. The industry leader for online information for tax, accounting and finance professionals. However, in February, the CBE increased the cap on monthly deposits, allowing people to obtain dollars from the black market then deposit them in their dollar accounts, thereby bringing them back into the official system. Comparative assessments and other editorial opinions are those of U.S. News 10800 USD = 333,180.00 EGP. Buy 1 USD at 97,000 LBP. We use the mid-market rate for our Converter. 5900 USD = 182,015.00 EGP. quoted today but for delivery and payment on a specific future date. 32 USD = 987.20 EGP. 2300 USD = 70,955.00 EGP. Bookmark this page to check for updates later: "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. 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. These cookies allow us to better cater to our clients and users needs. 50 USD = 1,542.50 EGP51 USD = 1,573.35 EGP. 77 USD = 2,375.45 EGP. Street level vendors were buying dollars for around 30 pounds. 750 USD = 23,137.50 EGP. Efforts by this correspondent to purchase U.S. dollars uncovered at least one black marketeer selling dollars for 33 Egyptian pounds. Deputy Finance Minister Ahmed Kouchouk said on Wednesday he expected the IMF board to approve the package at the meeting. March 14, 2023, 3:17 AM. Egypt's government has launched an initiative to reduce the diplomatic corps' budget. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 690 USD = 21,286.50 EGP. 960 USD = 29,616.00 EGP. Tap Add to homescreen, then Add. The dollar is selling for 7.57 pounds in unregulated trading, an 8.3 percent premium over the official price, according to the average of three quotes from dealers in Cairo, who asked not to be identified because the trade is illegal. You can modify or delete your notifications or summaries in your account. 640 USD = 19,744.00 EGP. The high yields of closed-end funds can be a boon for investors in volatile markets. (0.02) 30.85 EGP. 90 USD = 2,776.50 EGP91 USD = 2,807.35 EGP. It traded near 27.6 per dollar, compared with the parallel exchange rate of around 31, according to traders. 10200 USD = 314,670.00 EGP. REUTERS/Mohamed Abd El Ghany. The value of the dollar on the black market has reached a record high of 33-34 Egyptian pounds, way above the official rate of around 24 pounds. 2021 Al-Monitor, LLC. 560 USD = 17,276.00 EGP. 59 USD = 1,820.15 EGP. 6000 USD = 185,100.00 EGP6100 USD = 188,185.00 EGP. Concise, actionable scenarios and predictions from top regional experts. 13800 USD = 425,730.00 EGP. EGP USD; . 1: US$ 0.03: . 5: US$ 0.16: . 10: US$ 0.32: . 50: US$ 1 . Lebanon Market Rates Today. While the value of the Egyptian pound continues to plummet, the exchange rate of the US dollar continues to rise especially in the 'black market'. 15 USD = 462.75 EGP. We use cookies to improve your experience on our site and to "Generally the effect on local prices from implementing changes in the price of the currency reaches its peak following the adoption of exchange rate flexibility before gradually becoming contained," it said in a booklet published this week. In the coming months, we should expect a rise in tourism during the summer season, which will hopefully correct some of the supply and demand imbalances. 9600 USD = 296,160.00 EGP. 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. 620 USD = 19,127.00 EGP. Businesses that need liquidity to import their products might be willing to pay a very high price to obtain the supply of dollars available in the black market. 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. Therefore, when there is an increase in demand of the dollar, this increases the price, since everyone is competing over a limited supply of the currency. 8000 USD = 246,800.00 EGP8100 USD = 249,885.00 EGP. 14200 USD = 438,070.00 EGP. REUTERS/Mohamed Abd El GhanyReuters. On the morning of 3 November 2016, after mounting pressures, the Central Bank of Egypt (CBE) announced in a surprise move that it had fully floated the Egyptian pound (EGP). 100 USD = 3,085.00 EGP110 USD = 3,393.50 EGP. Do you want a free trial before subscribing? 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. The pound was devalued 14.5% against the dollar on Oct. 27. 14900 USD = 459,665.00 EGP. 27 USD = 832.95 EGP. Dollar to Chilean Peso forecast on Monday, May, 1: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. The new 20 and 10 Egyptian pound notes are made out of polymer plastic paper on . 1500 USD = 46,275.00 EGP. Also, new proceeds from the Suez Canal should markedly increase more than previous months, which can also partially correct the imbalance. 1700 USD = 52,445.00 EGP. 5500 USD = 169,675.00 EGP. Armed with fruit and a desire to help the small Egyptian village of El Bahtiny in Ismailia, seniors Yara Yousry, Heidi Mahmoud, Aliaa Moussa and Mariam El-Halabi. Commodities offer diversification within a portfolio of stocks and bonds. Egypt is struggling as the Egyptian pound fell to its lowest rate against the US dollar in the black market, Dollar vs. Egyptian Pound: Surging Black Market Exchange Rate, AUC Students Craft Sustainable Fishing Nets to Revive Local Village Economy, Shaping an Artist's Future: Meet the First Recipient of the Liu Shiming Endowed Scholarship, AUC Students Get Industry Experience at Egypt's First Venture Capital Competition. 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. Yesterday's rate 30.8500. 98 USD = 3,023.30 EGP. 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. 47 USD = 1,449.95 EGP. Exchange Rates in banque misr. 10000 USD = 308,500.00 EGP10100 USD = 311,585.00 EGP. Recently, the International Monetary Fund (IMF) and Egypt have reached an agreement for EGP 68 billion (USD 3 billion), which aims to "safeguard macroeconomic stability and debt sustainability, improve Egypt's resilience to external shocks." Worthless Degrees Are Creating an Unemployable Generation in India, ChatGPT Can Decode Fed Speak, Predict Stock Moves From Headlines, How a Surge of Sargassum Seaweed Is Changing the Beach Vacation, BlackRock Ditches60/40 Portfolio in New Regime of High Inflation, US Stock Futures Climb on China Growth Wagers: Markets Wrap. "The increase of the dollar's exchange rate against the local currency caused stagnation in the sales and made the clients reluctant to conclude any deal," he added. Bassiouny: Not really, since this increase is related to demand on liquidity. The Central Bank of Egypt devalued the Egyptian pound by 13 percent, which is a long overdue step, but daily life will get tougher for ordinary Egyptians in the short . 440 USD = 13,574.00 EGP. 300 USD = 9,255.00 EGP310 USD = 9,563.50 EGP. Dollar Watch list Last Updated: Mar 17, 2023 1:47 p.m. EDT $ 0.032467 0.000004 0.01% Previous Close $0.032463 Advanced Charting 0.032368 Day Range. List of user support cookies: LiveChat. The weighted average price target for the USD Dollar/Egyptian Pound currency pair as of 16-04-2023: 31.46606310547. Major disruption in Egypt's wheat processing sector continues as the country awaits an IMF loan due next month. one dealer might offer you a price as high as 25 LE and another might sell it for a little more than 50 piasters increase. Editing by Aidan Lewis and Mark Heinrich, US sets $259 million F-16 equipment sale to Turkey, Cryptoverse: Bitcoin miners escape the bear trap, BP's chief economist sees oil market tightening by H2 2023, Oil slips on economy worries, despite upbeat China data, Factbox: Little known facts about King Charles: One-time jockey and hedgelayer, Russia building reserves in assets the West can't sanction - central bank chief, Russia's Shoigu: partnership with China is stabilising influence, European Parliament backs reform of EU carbon market, Strong UK pay growth boosts chance of Bank of England rate rise. It traded near 27.6 per dollar, compared with the parallel exchange rate of around 31, according to traders. Region has its effects too. 14300 USD = 441,155.00 EGP. Selim: Tarek Amer 81, the CBE governor, publicly announced that he will only float the Egyptian pound if the CBE's foreign reserve increases to $25 billion, which is now at $16 billion. larger amounts mean better deals. The USDEGP spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the EGP. 2010-2023 The Economy Forecast Agency. 350 USD = 10,797.50 EGP. 740 USD = 22,829.00 EGP. The Egyptian pound weakened to a shocking rate of 13 against the U.S. dollar on the black market on Tuesday, at least 42 percent weaker than the Central Bank's official rate of 8.78. Non-personalized ads are influenced by the content youre currently viewing and your general location. 700 USD = 21,595.00 EGP710 USD = 21,903.50 EGP. and have not been previously reviewed, approved or endorsed by any other 13500 USD = 416,475.00 EGP. 5000 USD = 154,250.00 EGP5100 USD = 157,335.00 EGP. Intimate in-person access to policy and business VIPs. The Egyptian pound was floated by the Central Bank for the first time in November 2016. 1 USD = 30.85 EGP2 USD = 61.70 EGP. Three ways to create your email notifications: Do not hesitate to create your own notifications according to your interests : better criteria narrows down the results. Company overview. BEIRUT: The Lebanese pound hit a new low on the black market, reaching 14,000 for $1 after it had been somewhat stable in recent weeks at 12,000. 1200 USD = 37,020.00 EGP. These are the average exchange rates of these two currencies for the last 30 and 90 days. 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. Self-driving car tech is still in its relative infancy, and these stocks are plays on the industry's future. driven curation of top business stories accross 12 industries in the region. 58 USD = 1,789.30 EGP. In a statement issued by the cabinet on Friday, Kouchouk reiterated that the agreement with the IMF aimed to achieve a flexible exchange rate. USD to EGP forecast on Monday, May, 8: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. Sell 1 USD at 96,500 LBP. They are also used to create and log into your user account. CAIRO (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three parallel market traders told Reuters on Tuesday. 1000 USD = 30,850.00 EGP1100 USD = 33,935.00 EGP. Gold prices above $2,000 indicate investors are looking for a safe haven against declines in equities. All quotes delayed a minimum of 15 minutes. 96 USD = 2,961.60 EGP. Supplies of dollars to importers have been restricted in recent months under a rule that required them to use letters of credit supplied by banks, causing a shortage of foreign currency and a major slowdown in imports. However, one of the traders said there was still uncertainty in the market following the central bank's decision. CAIRO (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. Egyptian pound testing $20 mark amid soaring inflation. 990 USD = 30,541.50 EGP. 11800 USD = 364,030.00 EGP. Text. 840 USD = 25,914.00 EGP. How does the black market system determine to increase the dollar? 12H 1D 1W 1M 1Y 2Y 5Y 10Y. 18 USD = 555.30 EGP. 75 USD = 2,313.75 EGP. 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. Money market funds offer a good blend of low volatility and decent yields right now. Market. 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.. Our Standards: The Thomson Reuters Trust Principles. 980 USD = 30,233.00 EGP. 11000 USD = 339,350.00 EGP11100 USD = 342,435.00 EGP. You wont receive this rate when sending money. Exclusive news, data and analytics for financial market professionals, Reporting by Patrick Werr 800 USD = 24,680.00 EGP810 USD = 24,988.50 EGP. 63 USD = 1,943.55 EGP. 460 USD = 14,191.00 EGP. Bassiouny: The value of the dollar to the Egyptian pound in the black market is determined by pure unregulated supply and demand, unlike the official rate, which is regulated by the CBE. The Egyptian pound and US dollar banknotes are seen in this photo taken on Aug. 25, 2022. please click OK, I Accept. Dollar to Chilean Peso forecast on Wednesday, April, 19: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. Dealers on the black market were selling dollars for 32 to 33 pounds compared to the . These cookies are required to ensure the reliability and security and our website. 52 USD = 1,604.20 EGP. [1/2]An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. 88 USD = 2,714.80 EGP. 7300 USD = 225,205.00 EGP. A foreign exchange shortage in Egypt is badly affecting companies engaged in foreign trade. In a submission to the IMF published by the fund on Tuesday, the government said the central bank might . The Agency publishes forecasts As Is and is not liable for any errors or delays in the information and its publication, or for any actions taken in reliance thereon. 35 USD = 1,079.75 EGP. Select More options to see additional information, including details about managing your privacy settings. 97 USD = 2,992.45 EGP. Agence France-Presse | AFP | Apr 18, 2023. The currency symbol is . Saturday 1 January 2022. 11700 USD = 360,945.00 EGP. 56 USD = 1,727.60 EGP. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. These cookies allow us to anonymously collect data about traffic on Africa Intelligence. articles a month for anyone to read, even non-subscribers! We look at the craftsmanship of high end products from African American-owned companies and Black creators. The central bank has said the rule will be gradually phased out by December. 8900 USD = 274,565.00 EGP. 7500 USD = 231,375.00 EGP. If, for example, they want to import 10,000 bottles of an American high-end shampoo brand at the cost of $15 each, they will need to transfer $150,000. 490 USD = 15,116.50 EGP. USD to EGP forecast on Thursday, May, 4: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. The importer's predicament is shared by many businesses as Egypt struggles with a foreign currency crunch. 14800 USD = 456,580.00 EGP. The IMF will hold a virtual briefing on Tuesday to discuss the release of its staff report and documents related to its fund program for Egypt. It later rebounded to 29.60 to the dollar. Africa Intelligence uses cookies to provide reliable and secure features, measure and analyse website traffic and provide support to the website users.Apart from those essential for the proper operation of the website, you can choose which cookies you accept to have stored on your device.Either Accept and close to agree to all cookies or go to Manage cookies to review your options. The change for today 0.0000 Chilean Pesos, 0.00%. Africa Intelligence brings you exclusive coverage of the major political, economic and diplomatic issues at stake on the African continent, identifying power players on the rise and low-frequency signals on the horizon. 20 USD = 617.00 EGP21 USD = 647.85 EGP. The economy of Egypt used to be a highly centralized economy, focused on import substitution under president Gamal Abdel Nasser (1954-1970). 12300 USD = 379,455.00 EGP. September 15, 2022 CAIRO Egypt's monetary planners face a number of tough options in their desire to forestall further deterioration in the value of the Egyptian pound and rein in the rise in the exchange rate of the US dollar, the main import currency in the country. 13 USD = 401.05 EGP. International student Sara Carere has never experienced a month quite like Ramadan in Egypt. Black market boom since 1967. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Date. For more information, please read our Privacy Policy. 4000 USD = 123,400.00 EGP4100 USD = 126,485.00 EGP. It's the Black market bro no set numbers there. Need to know when a currency hits a specific rate? 9200 USD = 283,820.00 EGP. 5 USD 153.86872 EGP. The economy and markets are "under surveillance". King Charles will be crowned next month at London's Westminster Abbey, following in a tradition that dates back some 1,000 years. The Egyptian pound is the official currency of Egypt. USD to EGP forecast on Wednesday, April, 26: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. Trend Reports - Deep dive analysis on market updates. The Egyptian pound became one of the worst performers in 2023, having depreciated almost 20% against the greenback since the start of the year. Once registered, you will be notified by a short message on your computer or mobile phone as soon as a new edition of our publication or an alert is published. Foreign exchange remains scarce as the economy contends with the fallout from Russias invasion of Ukraine. CAIRO (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three. 12800 USD = 394,880.00 EGP. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 25 USD = 771.25 EGP. The value of Egypt's pound on the local black market for US dollars diverged further from the official bank rate, amid speculation the cash-strapped country might enact its fourth. In 1 week Dollar to Chilean Peso forecast on Tuesday, April, 25: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. 130 USD = 4,010.50 EGP. 67 USD = 2,066.95 EGP. The pound devaluation is a symptom of the problem and not the problem itself. The country's economy is the second largest in Africa after Nigeria regarding nominal GDP . 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. $ 2,000 indicate investors are looking for a safe haven against declines in equities Wednesday, April, 19 exchange! 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To ensure the reliability and security and our website industry leader for online information tax... Rule will be gradually phased out by December the highest since Bloomberg started the weekly on! Central Cairo, Egypt, March 20, 2019 accounting and finance professionals weighted average price target for the time! By Patrick Werr 800 USD = 342,435.00 EGP the weekly surveys on May 21.,:. 19: exchange rate 30.85 Chilean Pesos, 0.00 % were selling dollars for 33 pounds. Street level vendors were buying dollars for 33 Egyptian pounds to better cater to our clients and needs! 416,475.00 EGP and insights from worldwide sources and experts international student Sara Carere has never experienced a for. 617.00 EGP21 USD = 647.85 EGP this usd to egyptian pound black market is related to demand liquidity... Historical market data and insights from worldwide sources and experts continues as the economy and markets are under. 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