The Central Bank of Egypt (CBE) lowered the value of Egyptian pound against the dollar by 10 piasters, selling the dollar at EGP 7.83 in Thursday’s auction.
The auction offered $40m with this new rate after around 100 days of price stability.
The last change in the value of the pound against the dollar occurred in July. Since then, the value of the dollar stabilised at EGP 7.73. In banks, an additional 10 piasters will be added to the dollar’s value, which means that it will be sold for EGP 7.93. In the black market, the value of the dollar surpassed EGP 8.25.
In October, foreign reserves decreased by $1.76bn of their value in September, to reach $16.334bn compared to $18.096bn in August. It is the third consecutive decline in foreign currency levels, as international reserves went down from $20.08bn in June to $18.5 in July, then to $18.096 in August, to record their lowest level in September.