The Clap The EGP fell to its lowest level ever, recorded at EGP 19.54 to the dollar.
The Lowest Level The lowest level the EGP reached against the dollar previously was in December 2016, when it reached EGP 19.52 to the dollar.
The Deets According to analysts, the EGP has gradually depreciated. The government is adopting a gradual reduction strategy instead of a sudden devaluation, with the EGP expected to reach EGP 21-22 to the dollar by the end of 2022.
Why this Matters The IMF believes that a greater movement of the exchange rate will allow Egypt’s economy to absorb external shocks.