Sunday,22 July, 2018
Current issue | Issue 1314, (6 - 12 October 2016)
Sunday,22 July, 2018
Issue 1314, (6 - 12 October 2016)

Ahram Weekly

Previous devaluations

Al-Ahram Weekly

July 1990: Under the crawling peg regime (i.e., a peg adjusted by the CBE when and if needed), the exchange rate was changed from LE1.1 to LE2.

February 1991: Egypt scraps the crawling peg and announces a shift to a more flexible regime. The rate moves from LE2.0 to LE3.4 against the dollar.

2003: Egypt devalues its currency by about 25 per cent and implements a managed float system in which the CBE allows the pound to move, but continuously injects dollars into the banking system to maintain some control over its value.

December 2012: The dollar auctions system is introduced to rationalise demand for the dollar, then traded at LE6.03. The pound experiences several mini-devaluations, but the CBE quickly tightens its grip.

March 2016: The pound is devalued by 14 per cent to LE8.88 against the dollar. It has been kept at this level since, despite the CBE’s assertion that it will adopt a more flexible exchange rate.

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