EGP drops against USD in parallel market amid devaluation bets
Updated 3/7/2023 8:03:00 AM
Arab Finance: The Egyptian pound has weakened against the US dollar in the black market by over 6% during the past week, Bloomberg reported on March 6th.
On Monday, the pound traded at around 33.5 per USD in the parallel market, compared to 31.5 last week, according to traders.
The weak performance of EGP came after traders bet on another devaluation amid growing pressures on the currency.
Traders seek to collect foreign currency before any potential devaluation in the official exchange rate market, unnamed sources told Bloomberg.
The EGP was trading at about 30.73 per USD in the official market yesterday.
The North African country has already devalued its currency three times in 2022 in an attempt to shift towards a more flexible exchange rate.
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