Egypt: The US dollar value reaches a historic level on the black market

The Egyptian pound continues to fall against foreign currencies, which constitutes one of the worst crises hitting Egypt, as it appears to be a simultaneous bomb that cannot be stopped.

The US dollar has recorded more than 72 pounds on the black market, which enhances the challenges of the Egyptian economy.

Investment banks and international institutions aren’t yet talking about a fair value for the Egyptian pound against the US dollar, and it appears that this matter has become a very difficult matter.

In this context, some Egyptians sarcastically expressed the tragedy of the Egyptian pound, as they mourned the death of the currency and offered a shrine to it in a video they posted on Social media.

In response to this crisis, Egyptian President Abdel Fattah al Sisi made a statement in which he said, “The dollar always poses a problem for the Egyptian state”.

He pointed out that this problem arises from the effects of the state buying services in dollars and selling them to citizens in pounds, and he announced that the government had presented a vision to address the dollar crisis.

According to, Capital Economics, the Egyptian economy is in a major crisis, and if an agreement was reached with the IMF, the Egyptian Central Bank could reduce the value of the pound by up to 23% to 40 pounds to the dollar, with a sharp increase in interest rates.

The Monetary Policy Committee of the Central Bank of Egypt is expected to meet in the next few days.

Economic forecasts indicate a decline in the value of the Egyptian pound against the dollar next June to the level of 40 pounds.

HSBC Bank estimates indicate a reduction in the value of the pound to between 40 and 45 pounds to the dollar in the first quarter of 2024.

Fitch agency also expects a devaluation of the pound to 45 Egyptian pounds, with currency float.