The US dollar’s value against the Egyptian pound experienced some movement in late December 2024. While precise figures vary slightly depending on the source, the exchange rate hovered around 50 Egyptian pounds (EGP) per 1 US dollar (USD) on December 28th. This represents a relatively stable period compared to recent volatility seen in other currency markets. For those planning trips to Egypt or involved in international finance, understanding these fluctuations is crucial.
several online currency converters showed a range of values. One source reported a high of 51.0769 EGP per USD adn a low of 49.5928 EGP per USD over the past 90 days. [[1]] Another source indicated a rate of 50.79 EGP per USD on December 28th,representing a slight decrease from the previous day. [[2]] these minor discrepancies highlight the dynamic nature of currency exchange and the importance of checking multiple sources for the most up-to-date information.
Understanding the Fluctuations
The exchange rate between the USD and EGP,like all currency pairs,is influenced by a multitude of factors. These include global economic conditions, political stability in both the US and Egypt, and the overall supply and demand for each currency in the international market. While a slight daily fluctuation might not seem significant, these changes can accumulate over time and impact various sectors, from tourism to international trade.
For US citizens planning travel to Egypt, understanding the current exchange rate is essential for budgeting and managing expenses. Similarly, businesses engaged in trade with Egypt need to monitor these fluctuations to accurately forecast costs and profits. Staying informed about these changes can help individuals and businesses make informed financial decisions.
Were to Find Reliable Exchange Rate Information
Reliable sources for up-to-the-minute exchange rates include reputable online converters like Wise and specialized financial news websites. It’s always advisable to compare rates from multiple sources before making any significant financial transactions involving currency exchange.
While the information provided gives a snapshot of the USD/EGP exchange rate on December 28, 2024, remember that these rates are constantly changing.Always consult a reliable source for the most current information before making any financial decisions.
Egyptian Pound Under Pressure: Dollar Exchange rates and Global Factors
The Egyptian pound continues to experience volatility against the US dollar, with significant implications for the egyptian economy.Major banks across Egypt are reporting consistent exchange rates, offering a snapshot of the current market conditions.
Current Dollar Exchange Rates in Egypt
As of today, several leading Egyptian banks are reporting the following exchange rates:
- Bank of Egypt: purchasing the dollar at 50.82 Egyptian pounds, selling at 50.92 Egyptian pounds.
- Bank of Alexandria: Purchasing the dollar at 50.82 Egyptian pounds, selling at 50.92 Egyptian pounds.
- Commercial International Bank (CIB): Purchasing the dollar at 50.82 Egyptian pounds, selling at 50.92 Egyptian pounds.
- Bank of Cairo: Purchasing the dollar at 50.82 Egyptian pounds, selling at 50.92 Egyptian pounds.
Factors Influencing the Dollar’s Value in Egypt
The fluctuating value of the dollar against the Egyptian pound is a complex issue influenced by a multitude of global and domestic factors. “The price of the dollar is affected by a number of global events,including global geopolitical and economic events that greatly affect exchange rates,such as wars,economic crises,and oil price changes,” explains a financial analyst.These global uncertainties create ripple effects across international markets, impacting currency values.
Furthermore, US monetary policy plays a crucial role. Decisions by the Federal Reserve, such as raising or lowering interest rates, directly impact the dollar’s strength.”The exchange rates of the dollar are affected by the monetary policies followed by central banks in the United States, such as raising or lowering interest rates,” notes the analyst. Additionally, the basic principles of supply and demand are at play. Increased demand for dollars,often driven by imports,pushes the value up,while increased supply,typically from exports,can have the opposite effect.
For US readers, understanding these fluctuations is importent because they can affect the cost of goods imported from Egypt and the value of any investments held in Egyptian pounds.The interconnectedness of the global economy means that events halfway across the world can have a direct impact on your wallet.