(AFP Photo)
The value of Egyptian pound remained stable on Wednesday at EGP 7.53 and EGP 7.63, according to the rates in the Central Bank of Egypt (CBE) and the National Bank of Egypt (NBE) respectively.
Following the Monday dollar auction at the CBE, the value of the dollar increased to EGP 7.53, compared to EGP 7.51. On the unofficial market, the rate varied between EGP 7.8 to EGP 8.
In December, CBE announced that it will be holding four dollar auctions instead of three per week.
On 19 January, the Egyptian pound started its decline against the dollar, with the value decreasing from EGP 7.14 to EGP 7.19. Its value at the NBE and Banque Misr reached EGP 7.28.
On 21 and 22 January, the Egyptian pound dropped again to EGP 7.34 and EGP 7.43, respectively.
The same pattern continued on 26 January, as the dollar value increased against the Egyptian pound to EGP 7.47. The first drop in the US dollar value took place on 28 January, with the dollar declining to EGP 7.46.
