The price of U.S. dollars in Egyptian pounds reached record rates last Sunday. The exchange rate increased at exchange to EGP 6.07 for buying and 6.08 for selling for the first time in 7 years, compared to 6.06 for buying and 6.07 for selling the day before, according to the Central Bank of Egypt (CBE).
The Egyptian pound was under pressure compared to the USD as a result of the political turbulence in the country, economic hardships, and decreasing foreign currency reserves for 12 months in a row. However the CBE was able to control the Egyptian pound’s decline versus the USD by 4%, despite the fact that the revolution discouraged investors.
