Almost $ 1 billion flowed into the Egyptian foreign exchange market-local currency now the currency with the worst performance of the world in 2023-Economics

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Von: Krypto News Österreich

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The Egyptian Central Bank recently claimed that its decision to devalue the local currency was confirmed by the return of foreign investors to the country's market abroad, where they reported to invest $ 925 million in just three days. The increase in sales of Egyptian treasure changes, which are due in one year or less, should justify the devaluation of the pound by the central bank.

increase in sales of treasure changes

Accordingly, foreign investors reported $ 925 million in the Egyptian foreign exchange market, just a few days after the exchange rate of the local currency compared to hard currencies. In addition, the country's foreign exchange market has also received tributaries from the so -called local sources and from Egyptians working abroad.

according to Reuters Explanation of the Central Bank of Egypt (CBE) on January 16, Egyptian banks were able to meet the demands of the importers for foreign exchange in the amount of $ 2 billion just three days after the Egyptian pound was devalued on January 11th. In his Arabic Statement said the CBE reported that the return of foreign investors, which is also shown by the increase in the sale of Egyptian treasure change, confirms their decision to switch from a festival to a flexible exchange rate system.

as recently according to bitcoin.com Egyptian pound briefly on an all -time low of 32.14 units of the local currency for every dollar. By allowed the CBE to devalue the pound by more than 16 % in just under a year, it met an important demand from the International Monetary Fund. The satisfaction of this requirement made it possible for the IMF to approve Egypt 3 billion dollar credit package.

meanwhile a bloomberg said, said, Egypt's international net reserves rose to $ 2.5 billion in the late 2022 debt repayment. In order to help the Egyptians to counteract the effects of increasing inflation, local banks are now selling currency derivatives, said CBE.

Since the crash on an all -time low of $ 32.14 per dollar, the Egyptian pound has recovered slightly and is traded at around $ 29.57 per dollar at the time of writing this article.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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