The exchange rate of the US dollar against the Egyptian pound stabilized on Friday after the last decline recorded on Thursday, as weekly trading closed on a downward trend. Here are the dollar exchange rates at some of the major Egyptian banks on Friday. These reforms included a move towards a more flexible exchange rate system, allowing the market to determine the value of the dollar to some extent. This could lead to more confidence in the Egyptian pound, causing its value to rise. Temporary Fluctuation: It’s also possible that the decline is a temporary fluctuation within the new, more flexible exchange rate system.

Source: Egypt Independent July 05, 2024 16:29 UTC