Egyptian pound slides to 5-year low against US dollar

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The decline of the Egyptian currency is attributed to the decrease in the country's foreign exchange reserves

Staff Writer, Mubasher

July 18, 2022

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Cairo - Egyptian pound price fell against the US dollar in the national banks to record its lowest level since January 2017.

The average exchange rate of the US dollar reached on Sunday EGP 18.82 for buying and EGP 18.90 for selling, marking its five-year low, according to the latest data published by the Central Bank of Egypt (CBE).

The decline of the Egyptian currency is attributed to the decrease in the country's foreign exchange reserves and the consequences of the war in Ukraine on global markets and commodity prices.

It is noteworthy to mention that on 19 January 2017, the US dollar was bought for around EGP 18.74 and sold for EGP 18.91 in the Egyptian market.

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