Thndr Claps » EGY Claps » Economy 🏙 » USD black market reacts to IMF loan◼
The ClapIt’s a wild ride on the black market for USD in Egypt after the International Monetary Fund (IMF) made the loan agreement official.
WhatThe 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 whatThis 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 whatThe official market remains stable at a rate of EGP 24.7 per dollar.
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