Dollar exceeds 55 pounds in Egypt

The exchange rate of the dollar in Egypt reached over 55 pounds during midday trading today, Thursday, reflecting the ongoing rise the currency has experienced over the past few weeks. Economic analyses predicted that the dollar's exchange rate against the pound would end the year between 53 and 54 pounds, amid geopolitical tensions and the increasing Egyptian import bill, which weaken the local currency. Despite the pressures resulting from rising energy prices and increased burdens on the current account, the growth in foreign reserves and net banking assets limit the deterioration of the Egyptian pound.

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