Egyptian pound continues to lose value
Economists expect Egypt's central bank to loosen its grip on the exchange rate of the Egyptian pound in its meeting later this month, but the possible move is fraught with fears from a sharp rise in commodity prices.
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.
The Monetary Policy Committee, the decision-making body of the Central Bank of Egypt, will convene Sept. 22, most probably to decide the future of the exchange rate for the next months.
The central bank has been following a controlled exchange rate since it allowed the Egyptian pound to initially float freely in November 2016.
Intervention by the central bank to prop up the national currency increased, especially with the Russian war on Ukraine, an international development that has had far-reaching effects on the Egyptian economy and the life of Egyptians and increased pressures on the local currency.
