報告する: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime

The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary Fund, the monetary authorities in Egypt have pledged not to intervene in currency markets.

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Flexible Exchange Rate Regime

Just a few months after plunging by more than 15% versus the U.S. ドル, の Egyptian pound tapped a new low of more than 32 units per greenback on Jan. 11. According to a Reuters report, the pound’s latest depreciation has prompted some analysts to question the extent to which the central bank wants the pound to fall.

Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime
EGP/USD on Jan. 15, 2023.

As 報告 by Bitcoin-Tidings.com News in October 2022, the pound’s official exchange rate versus the dollar fell from just under 20 units per dollar to 23.09 per dollar after Egyptian monetary authorities agreed to abandon the fixed exchange rate regime. In return, Cairo would receive a $3 billion financial package from the International Monetary Fund (IMF).

Following the currency’s latest fall, some Egyptian analysts quoted in the Reuters 報告 believed the pound had reached its lower limit. Others like Farouk Soussa of Goldman Sachs said it is still difficult to conclude that the pound versus the dollar exchange rate had reached an equilibrium.

“When portfolio investors start to come back in, that is when the market will have judged equilibrium. But there is no direct way of observing equilibrium,” Soussa reportedly said.

Monica Malik, an economist at the Abu Dhabi Commercial Bank said the pound’s latest plunge alone does not guarantee that investors will return. The economist said clearing the foreign exchange backlog may be one step that reassures investors. でも, this requires new USD liquidity and according to Malik “there is currently no visibility where this liquidity will come from.”

その間, in the IMF’s Egypt staff country 報告, the global lender revealed that the government in Cairo had promised not to intervene in currency markets. As per its agreement with the global lending institution, Egyptian monetary authorities would only intervene in cases of excessive volatility.

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このストーリーのタグ
Abu Dhabi Commercial Bank, Analysts, 減価償却費, ドル, Egypt, egyptian pound, Exchange rate, Farouk Soussa, Flexible exchange rate, IMF, 国際通貨基金, 投資家, Monica Malik, pound, regime, 米ドル

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Terence Zimwaraはジンバブエの受賞歴のあるジャーナリストです, 作家とライター. 彼は、いくつかのアフリカ諸国の経済問題や、デジタル通貨がどのようにアフリカ人に脱出経路を提供できるかについて幅広く書いています。.














画像クレジット: シャッターストック, Pixabay, ウィキ・コモンズ

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