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Thndr Claps » EGY Claps » Economy 🏙 » USD black market reacts to IMF loan◼

USD black market reacts to IMF loan◼

by Shams Abbas
December 18, 2022

The Clap
It’s a wild ride on the black market for USD in Egypt after the International Monetary Fund (IMF) made the loan agreement official. 

What
The value of the Egyptian pound against the dollar skyrocketed within 24 hours of the announcement, with the dollar dropping to EGP 32 (from EGP 36).

So what
This is a big deal because the dollar on the black market has been on the rise against the EGP due to a shortage of foreign currency & in anticipation of another devaluation.

Now what
The official market remains stable at a rate of EGP 24.7 per dollar.

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