The Egyptian extra pound went down dramatically to get to a historic low on Wednesday, at a price of 30 Egyptian extra pounds to one United States buck, or 41.94 pounds to one Jordanian dinar, Khaberni reported.
The decrease in the value of the Egyptian pound comes after the International Monetary Fund introduced that Cairo intended to completely switch over to an adaptable exchange rate as well as raise fuel costs.
Egypt’s economic climate witnessed numerous spikes in its rising cost of living price in 2015; reaching its highest degree given that 2017. Financial experts are anticipating extra rising cost of living rises because of the ongoing weak point of the extra pound.
According to professionals, the increase in inflation has placed an added economic burden on 10s of millions of Egyptians, with an approximated 60 percent of the population of 100 million living listed below or slightly above the destitution line.
According to stats from the Ministry of Labor, an estimated 500,000 Egyptian migrants work in Jordan, consisting of those with job permits and those without work permits.
Last Updated: 12 January 2023
