Al-Marsad newspaper: The average exchange rate of the Egyptian pound fell against the dollar to reach the level of 19.57 pounds for sale in the Central Bank of Egypt, yesterday, Wednesday, the lowest level in its history.
Analysts attributed the reasons for this decline to the continued decline in the volume of foreign exchange supply in exchange for demand, and they expected the pound to continue declining to range between 21-25 against the dollar.
The exchange rate of the pound against the dollar has decreased by more than 20% since last March, as a result of a gap in foreign exchange in Egypt due to the exit of indirect foreign investments, and the rise in global commodity prices and oil in the wake of the Russian-Ukrainian war, according to “CNN”.
Aya Zuhair, Deputy Head of Research at Zilla Capital Financial Consulting Company, said that the exchange rate of the pound will continue to decline against the dollar gradually during the coming period until it reaches its fair value according to supply and demand, and it is expected that its price will range between 21-22 pounds during the end of this year, but this The expectation is related to the non-interference of the government or the central bank to support the pound.