Dubai, United Arab Emirates (CNN) – The value of the Egyptian pound saw a significant drop on Thursday, hours after the Central Bank announced the liberalization of its price under the forces of supply and demand within a “Flexible exchange system”, with the price of one US dollar approaching 23 Egyptian pounds.
According to data from the Central Bank of Egypt, the price of the dollar reached 22.85 pounds in buy and 22.96 pounds in sale, which is the lowest level in its history, after the dollar price was around 19 , 70 pounds, yesterday, Wednesday. The price of the euro reached £ 22.89 in buy and 23.01 in sale, the Saudi riyal reached £ 6,079 in buy and 6.11 in sale, and the Kuwaiti dinar reached £ 73.82 in buy and 74. , 19 for sale.
On Thursday, the Central Bank of Egypt announced several decisions, including raising interest rates by 200 basis points, liberalizing the exchange rate, and phasing out the decision issued in February 2022 on “documentary credits in operations. financing of imports “, noting that the decision will be revoked in December.
Subsequently, the Egyptian government announced that it had reached agreements to obtain loans worth $ 9 billion as follows: $ 3 billion from the International Monetary Fund, $ 1 billion from the Sustainability Fund and $ 5 billion from partner countries for development, to finance the Egyptian budget.
