Dinar sells at over 41 Egyptian pounds, breaking historic record

egyptian pound banknotes JOD
(File photo: Jordan News)
AMMAN  — The Egyptian pound dropped sharply to reach a historic low on Wednesday, at a rate of 30 Egyptian pounds to one US dollar, or 41.94 pounds to one Jordanian dinar, Khaberni reported.اضافة اعلان

The decline in the value of the Egyptian pound comes after the International Monetary Fund announced that Cairo planned to permanently switch to a flexible exchange rate and raise fuel prices.

Egypt’s economy witnessed several spikes in its inflation rate last year; reaching its highest level since 2017. Economists are expecting additional inflation increases due to the continued weakness of the pound.

According to experts, the rise in inflation has put an additional economic burden on tens of millions of Egyptians, with an estimated 60 percent of the population of 100 million living below or slightly above the poverty line.

According to statistics from the Ministry of Labor, an estimated 500,000 Egyptian expatriates work in Jordan, including those with work permits and those without work permits.

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