Nearly $1 Billion Poured Into Egypt's Forex Market — Local Currency Now World's Worst Performing Currency in 2023 – Economics Bitcoin News

Nearly $1 Billion Poured Into Egypt's Forex Market — Local Currency Now World's Worst Performing Currency in 2023

The Egyptian central bank recently claimed that its decision to devalue the local currency has been vindicated by foreign investors’ return to the country’s foreign market where they reportedly poured in $925 million in just three days. The surge in the sales of Egyptian treasury bills that mature in a year or less similarly is said to vindicate the central bank’s devaluation of the pound.

, the CBE reportedly said the return of foreign investors, which is also evidenced by the surge in the sale of Egyptian treasury bills, vindicates its decision to switch from a fixed to a flexible exchange rate regime.by Bitcoin.com News, the Egyptian pound briefly fell to an all-time low of 32.14 units of the local currency for every dollar. By allowing the pound to depreciate by more than 16% in just under a year, the CBE met a key International Monetary Fund demand.

Since plunging to an all-time low of 32.14 per dollar, the Egyptian pound has marginally recovered and at the time of writing, it trades at around 29.57 per dollar on Jan. 17 .Tags in this story

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