Egypt’s black market exchange rate for the US dollar reached a record high of 53 Egyptian pounds amid calls for the cash-strapped North African country to devalue its currency. Increased demand for US dollars in late November resulted in a drop of dollars on the market, he said. However, analysts have warned that the Egyptian pound is severely overvalued, which has made dollar holders sell on the black market instead. The government itself is one of the biggest black market clients for US dollars in Egypt,” the analyst added. Egypt's government has devalued its currency three times since March 2022 and its inflation rate has continued to rise steadily since then.

Source: Ethiopian News December 27, 2023 12:01 UTC