driven curation of top business stories accross 12 industries in the region. If you choose to Reject all, we will not use cookies for these additional purposes. Black market boom since 1967. 3700 USD = 114,145.00 EGP. The pound devaluation is a symptom of the problem and not the problem itself. He also delivers U.S. dollars stashed in plastic bags . REUTERS/Mohamed Abd El GhanyReuters. - Photo: Shutterstock, Viktorya Fivko. please click OK, I Accept. 440 USD = 13,574.00 EGP. The Egyptian pound weakened to a shocking rate of 13 against the U.S. dollar on the black market on Tuesday, at least 42 percent weaker than the Central Bank's official rate of 8.78. The Egyptian pound was trading at 24.15 to the dollar on Tuesday, according to Refinitiv data. The IMF will hold a virtual briefing on Tuesday to discuss the release of its staff report and documents related to its fund program for Egypt. USD to EGP forecast on Wednesday, April, 26: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. These cookies allow us to anonymously collect data about traffic on Africa Intelligence. 350 USD = 10,797.50 EGP. Concise, actionable scenarios and predictions from top regional experts. For more information on the event, click here. Peruse our daily story summaries to get the scoop on tomorrow's top stories ahead of the crowd. All premium Industry Newsletters - Monitor the Middle East's most important industries. Get current currency exchange rates of Syrian Pound and Currency Converter to/from SYP Egypts black market in US dollars appeared to screech to a halt Wednesday, as traders struggled to compete with a plunge of as much as 14% in the official rate for the local currency. The Egyptian pound and US dollar banknotes are seen in this photo taken on Aug. 25, 2022. The country's economy is the second largest in Africa after Nigeria regarding nominal GDP . Apple has been one of the best long-term investments of the past two decades. CAIRO (Reuters) - The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three parallel market traders told Reuters on Tuesday. 10400 USD = 320,840.00 EGP. Import-export firms turn to black market for US dollars. You can change these settings at any time by going to our Cookie management page. Aug. 29, 2016 5:22 pm ET. International student Sara Carere has never experienced a month quite like Ramadan in Egypt. The Egyptian pound is the official currency of Egypt. 7200 USD = 222,120.00 EGP. "The last devaluation brought the Egyptian pound to fair value," said Charles Robertson of Renaissance Capital, adding that his model might not reflect the exchange rate as accurately immediately after a devaluation. These cookies help up us assess how effective our Twitter campaigns are to promote our publication and our services. 5 USD = 154.25 EGP. 190 USD = 5,861.50 EGP. Try it for free and cancel anytime. 1 USD = 30.85 EGP2 USD = 61.70 EGP. $1 USD = E15.7092. USD to EGP forecast on Monday, April, 24: exchange rate 30.95 Chilean Pesos, maximum 31.41, minimum 30.49. 14900 USD = 459,665.00 EGP. Today, the Egyptian pound currently stands at 30.2 against the US dollar. 46 USD = 1,419.10 EGP. 19 USD = 586.15 EGP. It traded near 27.6 per dollar, compared with the parallel exchange rate of around 31, according to traders. on PC press buttons Ctrl + D or click the star next to the browser bar at the top. 54 USD = 1,665.90 EGP. The Moscow-Kyiv crisis is leading to a drastic reduction in the volume of grain shipped from Black Sea ports. Therefore, when there is an increase in demand of the dollar, this increases the price, since everyone is competing over a limited supply of the currency. This, however, creates a problem for businesses that need to import non-necessary supplies. Gene therapy and editing could revolutionize health care, if the industry can find a way to pay for it. Similarly, an analysis by Trading Economics indicates that pound could trade at 19.93 by the end of this quarter and 21.21 in 12 months' time. 760 USD = 23,446.00 EGP. . 890 USD = 27,456.50 EGP. USD-EGP FORECAST 2023, 2024 - 2027 In Arabic. 99 USD = 3,054.15 EGP. Text Alerts - Be the first to get breaking news, exclusives, and PRO content. List of marketing cookies: Twitter pixel. Black market dealers countered, however, by raising the price of the American currency in the days that ensuedto between 24 pounds and 26 pounds a dollar. 85 USD = 2,622.25 EGP. Supplies of dollars to importers have been restricted in recent months under a rule that required them to use letters of credit supplied by banks, causing a shortage of foreign currency and a major slowdown in imports. 1700 USD = 52,445.00 EGP. 9500 USD = 293,075.00 EGP. Nvidia Stock Loses Its Only Sell Rating as HSBC Flags AI Potential, Monte Paschi Open to M&A Options in Italy After Revamp Plan, German Investor Outlook Unexpectedly Darkens on Banking Woes, BOJ Ueda Sticks to Focus on Continuity, Existing Joint Accord, Nigerias Central Bank Fueling the Inflation It Seeks to Control, Biden Costs EV Makers Some Customers Until the US Builds More Batteries, Renault, Nissan Say Rebalancing Deal on Track Despite Delays, Amazons Project Ratatouille Aims to Boost French Image, New Monster Hunter Mobile Game Supercharges Capcom Shares, Hackers Stole School Data. Last week, the black-market rate was . 3300 USD = 101,805.00 EGP. Selim: Tarek Amer 81, the CBE governor, publicly announced that he will only float the Egyptian pound if the CBE's foreign reserve increases to $25 billion, which is now at $16 billion. 58 USD = 1,789.30 EGP. (Reporting by Mahmoud Salama, Patrick Werr and Aidan Lewis; Editing by Jan Harvey). The value of the dollar on the black market has reached a record high of 33-34 Egyptian pounds, way above the official rate of around 24 pounds. 3000 USD = 92,550.00 EGP3100 USD = 95,635.00 EGP. During the final quarter of 2021, non-resident investment in Egypt's local bond market stood at $28.8 billion, approximately 56 percent of the central bank's foreign currency reserves at the time. 67 USD = 2,066.95 EGP. Egypt's foreign cash reserves hit $40.909 billion by the end of . 1300 USD = 40,105.00 EGP. 6900 USD = 212,865.00 EGP. Our currency rankings show that the most popular Egyptian Pound exchange rate is the EGP to USD rate. 6 USD = 185.10 EGP. 33.9619 34.0819 Pound Sterling 38.5629 38.6975 . 630 USD = 19,435.50 EGP. After the CBE governor increased the monthly dollar deposit cap to $250,000 with no daily limit, they can deposit and transfer immediately. Check live rates, send money securely, set rate alerts, receive notifications and more. Welcome to the Dollars to Egyptian Pounds page, updated every minute between Sunday 22:00 and Friday 22:00 (UK) 1 USD = 30.67 EGP Save 3-5% on your Dollars to Egyptian Pounds money transfer today The Dollar to Egyptian Pound exchange rate (USD EGP) as of 15 Apr 2023 at 9:47 AM. Shahd El Helbawy sees mysteries to be explored through her most recent artistic pursuit: sculpting. 30.8500 0.00% Currency Converter Pair Sum = 3,085.00 USD to EGP forecast for tomorrow, this week and month. Her passion for art has led her to be the first recipient of the Liu Shiming Endowed Scholarship. 38 USD = 1,172.30 EGP. 79 USD = 2,437.15 EGP. But this is a stop-gap measure, with the country hoping that an IMF loan will provide long-term relief. The USDEGP spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the EGP. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. 12600 USD = 388,710.00 EGP. EGPUSD Tullett Prebon Egyptian Pound/U.S. While a business school education can be the foundation for a young entrepreneur's career, nothing matches hands-on industry experience. 2000 USD = 61,700.00 EGP2100 USD = 64,785.00 EGP. 86 USD = 2,653.10 EGP. 680 USD = 20,978.00 EGP. Bookmark this page to check for updates later: 330 USD = 10,180.50 EGP. Bloomberg Surveillance, covering the latest news in finance, economics and investments. 3400 USD = 104,890.00 EGP. 5600 USD = 172,760.00 EGP. The stark contrast between the current low value of the EGP-USD exchange . Prioritize your target industries for weekly review: We also offer team plans. 860 USD = 26,531.00 EGP. "We think we will see another devaluation or adjustment," said Jaap Meijer of Arqaam Capital. This means that importers will need LE 1,440,000 at the exchange of LE 9.60. 6600 USD = 203,610.00 EGP. Trend Reports - Deep dive analysis on market updates. 12500 USD = 385,625.00 EGP. Buy 1 USD at 97,000 LBP. 90 USD = 2,776.50 EGP91 USD = 2,807.35 EGP. 9000 USD = 277,650.00 EGP9100 USD = 280,735.00 EGP. It is divided into 100 piastres, or ersh, or 1,000 milliemes. Egypt says it will use this money to buy its needs from the international market and refueling its economic development plans. 200 USD = 6,170.00 EGP210 USD = 6,478.50 EGP. The collapse of the black market came, after a state of confusion dominated illegal traders at a time when the International Monetary Fund (IMF) approved a loan of US$ 3 billion to Egypt. at 7:33am 11-4-2023. 830 USD = 25,605.50 EGP. If you choose to Accept all, we will also use cookies and data to. USD to EGP forecast on Friday, April, 28: exchange rate 30.85 Chilean Pesos, maximum 31.31, minimum 30.39. 360 USD = 11,106.00 EGP. Memos - premium analytical writing: actionable insights on markets and geopolitics. Can floating Egyptian pound kill foreign currency black market? A central bank auction of dollars was being held . The US dollar/Egyptian pound rate spiked above 19 on 2 August and has stayed at that level since. The dollar recorded LE15.64 for purchase and LE15.74 for selling at the National Bank of Egypt. Egypt continues to face a foreign currency shortage despite two major devaluations this year. 9600 USD = 296,160.00 EGP. Fixed-income investors hunting for tax efficiency may find these funds highly useful. The economy of Egypt used to be a highly centralized economy, focused on import substitution under president Gamal Abdel Nasser (1954-1970). The level of trade in the black market had not significantly changed due to a lack of liquidity in the official market, a third trader said, speaking on condition of anonymity. "They will partially achieve this, especially with the rate inside the banks coming close to the one outside them," Khaled al-Shafie, head of local think tank Capital Center for Economic Studies, told Al-Monitor. For the latest headlines, follow our Google News channel online or via the app. and have not been previously reviewed, approved or endorsed by any other 1800 USD = 55,530.00 EGP. 750 USD = 23,137.50 EGP. This is for informational purposes only. 8500 USD = 262,225.00 EGP. 65 USD = 2,005.25 EGP. Send money online fast, secure and easy. 150 USD = 4,627.50 EGP. Worthless Degrees Are Creating an Unemployable Generation in India, ChatGPT Can Decode Fed Speak, Predict Stock Moves From Headlines, How a Surge of Sargassum Seaweed Is Changing the Beach Vacation, BlackRock Ditches60/40 Portfolio in New Regime of High Inflation, US Stock Futures Climb on China Growth Wagers: Markets Wrap. 12800 USD = 394,880.00 EGP. The importer's predicament is shared by many businesses as Egypt struggles with a foreign currency crunch. . Click here for the static version 140 USD = 4,319.00 EGP. 13900 USD = 428,815.00 EGP. Both Egyptians and foreigners will need to utilize the black market to access such hard currency, where everyone is now competing for the available dollars that are provided by people transferring remittances from abroad or small-time exporters who have dollars but can now exchange them at higher prices outside of the system. It is divided into 100 qirsh (), or 1000 malleem ( ). 3600 USD = 111,060.00 EGP. 560 USD = 17,276.00 EGP. 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