Egypt’s currency has declined heavily against the US Dollar and all of its most traded peers, as investors flee the troubled nation in search of safe havens elsewhere.
The situation in the troubled nation is due to come to a head with a deadline set by the country’s army close to running out. The military is demanding that the President Mohamed Mursi steps down from office, a demand that Mursi is refusing to meet. Tensions escalated further with both Mursi and the head of the army both pledging to die for their causes.
In a troubling sign, the official spokesman of Mursi’s Muslim Brotherhood said that supporters were willing to become martyrs to defend their leader.
“There is only one thing we can do; we will stand in between the tanks and the president. We will not allow the will of the people to be bullied again by the military machine.” The spokesman told Reuters.
The Egyptian currency fell further on Wednesday morning after the nation’s Central Bank held a foreign exchange auction early in the morning. The Central Bank sold $38.8 million to banks at the auction, with the cut-off price at 7.0189 pounds to the Dollar compared to 7.0094 Pounds at the last auction on Thursday, a banker said.
The Central Bank introduced the auctions at the end of December to help stave off a currency crisis and thwart a run on the Pound.
Since then, it has allowed the currency to lose almost 11% of its value on the official market. According to reports the Pound has fallen even more on the black market.
Current Egyptian Pound (EGP) Exchange Rate
Egyptian Pound / US Dollar is currently in the region of: 0.1424
Egyptian Pound/ Pound Sterling is currently in the region of: 0.0939
Egyptian Pound/ Euro is currently in the region of: 0.1101
US Dollar/ Egyptian Pound is currently in the region of: 7.0197
Pound Sterling/ Egyptian Pound is currently in the region of: 10.6424
Euro/ Egyptian Pound is currently in the region of: 9.0800