Egyptian Pound


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Egyptian Pound

The currency of Egypt. It was introduced in 1834, replacing the piastre, which continued to circulate at a value of 1% of a pound. From 1885 to 1914, the pound was unofficially pegged to gold. Afterward, it was officially pegged to the British pound until 1962, when the peg switched to the U.S. dollar at various rates. The Egyptian pound became a floating currency in 1989.
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Selim added that the official devaluation of the Egyptian pound and the continuation of the fair price will restore confidence for investors.
Devaluation of Egyptian pound increases EGX's hopes for restoring 'hot money'
However, the London-based economic research consultancy expected that the Egyptian pound would fall against the US dollar to EGP 18 by the end of the year.
US dollar value continues decline against EGP in banks on Monday
Black market dealers were offering to buy dollars for about 7.10 Egyptian pounds on Wednesday and sell them for 7.14 pounds compared to 7.15 and 7.20 pounds on Monday, currency traders said.
Egypt pound climbs on official, black markets as tensions ease
Summary: The Egyptian pound hit a record low on Tuesday after weakening again at a central bank US dollar auction designed to stem a decline in the country's dwindling foreign currency reserves.
Egypt pound hits record low after c.bank auction
Summary: Cairo: The Egyptian pound hit a record low against the dollar yesterday as ...
Egypt pound hits record low
Summary: Jeddah, Rabi Al-Awwal 13, 1432 H/Feb 16, 2011, SPA -- Sheikh Saleh bin Abdullah Kamel, President of the Saudi Commerce and Industry Chamber and Chairman of Jeddah Commerce and Industry Chamber, disclosed that a Saudi developmental bank with a capital of one billion Egyptian pound would be established...
Saudi development bank to be established in Egypt
But what will the impacts be on Egypt's economy, stock market and the Egyptian pound?
Market response to Mubarak's departure
The US dollar lost more than 5 piasters from its value against the Egyptian pound on Monday, averaging EGP 17.28 for buying, and EGP 17.38 for selling, down from EGP 17.33 for buying and EGP 17.43 for selling on Sunday.
US dollar loses 5 piasters against Egyptian pound on Monday
Additionally, Bejjani unveiled two new projects forming part of the original 18 billion Egyptian pound investment plan, including a new City Centre with investments of 3.5 billion Egyptian pounds.
Al Futtaim to raise investments in Egypt to EGP22.5b
The Egyptian pound has strengthened in value following a currency sale by the central bank.
-Egyptian pound strengthens
Summary: The Egyptian pound had been falling steadily since political protests broke out on Jan 25.
Egypt pound weaker 2nd day after cbank intervention
During the conducted meetings, investors provided their points of view about the Egyptian banks as well as the recent devaluation of the Egyptian pound. Some predicted further upside to banks' share prices in the case that the currency is floated, and the stock market liquidity returned to the banking sector from the parallel market.
Interest remerging in MENA banks, especially Egypt, UAE, Saudi Arabia: HSBC Global Research report

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