The US dollar exchange has reached unprecedented levels on the Egyptian market. After the dollar changed hands at 12 Egyptian pounds on the Egyptian market July 21, it continued to rise over the next three days, going above 13 pounds on July 25.
The manager of a currency exchange shop in Giza who preferred not to be named told Al-Monitor that statements made by Central Bank of Egypt Gov. Tarek Amer signaling another round of devaluation was around the corner have prompted those in possession of US dollars to hang on to them. He pointed out that this unprecedented exchange rate is due to the increase in demand for the dollar to meet the import needs amid a decrease in supply.