Egyptian pound falls to 55.35 to the dollar
By the AFREEQUE newsroom, based on Egypt Independent
The Egyptian pound reached 55.35 to the dollar, a new record low, according to Central Bank of Egypt Governor Hassan Abdalla. He defended the flexible exchange-rate regime and said the fluctuations were normal in response to regional and global economic developments, Egypt Independent reports.
The Egyptian pound reached a historic low of 55.35 pounds to the dollar in commercial bank trading on Thursday, Egypt Independent reports. The currency’s previous low, at 54.75 pounds to the dollar, was recorded in April after the military escalation between Iran and the United States.
The governor of the Central Bank of Egypt, Hassan Abdalla, reaffirmed his commitment to a flexible exchange-rate policy at the Egypt 2026 forum. He said the fluctuations reflected changing regional and global economic conditions and considered it more concerning to maintain a fixed exchange rate despite these changes. Hassan Abdalla also assured that Egypt’s banking system could absorb rapid international and regional developments.
