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Egypt Aims to Ease Pressure on Forex Reserves via $1 Billion Treasury Bill Auction
6.2.2024
Barely a month after raising $850 million from an auction of dollar-denominated treasury bills, the CBE was reportedly poised to raise $1 billion via similar instruments. The decision to hike overnight interest is said to be part of the central bank’s ongoing efforts to stabilize Egypt’s...
Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey
27.10.2023
The new all-time highs come despite Bitcoin still being down over 50% against its price peak of $69,000 against the U.S. dollar
Egypt Struggles With Skyrocketing Inflation and Depreciating Currency, While Bitcoin Nears Record High in the Country
11.7.2023
According to the Egyptian Statistics Bureau, Egypt’s annual inflation rate hit 36.8% in June, a staggering 33.7% increase from May’s inflation rate, breaking records. Egypt, the world’s 14th most populous country, grapples with soaring prices for goods and services across...
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies
24.1.2023
In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank...
Nearly $1 Billion Poured Into Egypt’s Forex Market — Local Currency Now World’s Worst Performing Currency in 2023
18.1.2023
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...
Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime
16.1.2023
The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary...
Egyptian Currency Plunges 15% After Cairo Accedes to Key IMF Exchange Rate Condition
28.10.2022
After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary...
Study: MENA Crypto Volumes Grew Fastest Between July 2021 and June 2022 — Turkey Cements Position as Region’s Largest Market
8.10.2022
Of the $566 billion in cryptocurrency transaction volume for the Middle East and North Africa (MENA) region between July 2021 and June 2022, nearly 40% went to Turkey, which kept its place as the region’s biggest cryptocurrency market, according to the latest Chainalysis data....
Egyptian Pound Latest African Currency to Slump to Record Low Versus US Dollar
6.10.2022
The Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF)...
How a Massive Devaluation of the Egyptian Pound Inspired a $100M Bitcoin ETP
7.11.2020
Hany Rashwan, CEO of Amun/21Shares, explains how the proverbial bitcoin lightbulb went off when his native Egypt’s currency devalued in 2016
Egypt Limits Bank and ATM Withdrawals Citing Rampant Cash Outflow and Coronavirus Fears
30.3.2020
On Sunday, the Central Bank of Egypt (CBE) announced it had instructed financial institutions in the country to put withdrawal limits in place for cash. Regional reports disclose that Egyptian residents can only withdraw 10,000 Egyptian pounds ($640) and businesses can only withdraw 50,000 pounds...