When will the Egyptian market stablize?

The price of the Egyptian pound against the US dollar has witnessed significant fluctuations since the flotation decision on 3 November.

Last week, the price of the dollar significantly increased against the pound, reaching its highest level at EGP 19 per the dollar.

That significant increase in the dollar’s price raised many fears and questions about the future of the pound’s price against the dollar, as well as the factors affecting the determination of that price.

Do not worry about the changes the exchange rate has seen recently or about the continuation of the relatively gradual increase in the dollar’s price against pound, advised Mohamed Abdel Aal, a board member of both the Suez Canal Bank and Arab Sudanese Bank, who is also a highly-revered expert in exchange market affairs.

We previously asserted that this situation is considered quite normal for the period following the flotation, said Abdel Aal, who noted that all other countries that have floated their national currency have witnessed similar fluctuations.