The bloody Wednesday: The free fall of the Egyptian Pound starts

I will remember this Wednesday very well.

 How I and probably a million other Egyptians glued in front of their laptops and mobile phone screens only to refresh their google screen to see the price of the Egyptian pound against the US dollar. 

1 US dollar = 29.76 Egyptian pound 

It started at $1 for LE 27.6 and the free fall started till it reached in a very short time LE 31-32 in some banks then it returned back to LE29.7.

According to Ahram Online, the Egyptian pound lost over 100 % of its value since March 2022. 

It reached its lowest-ever value in its history. We knew it was coming but not so fast in a single day. 

According to MadaMasr’s report, the Gulf money once again saved the Egyptian pound somehow.

The free fall came after the International Monetary Fund’s “IMF” Presser held to announce the commitments Egypt pledged under the new IMF-backed economic and structural reform programme.

Among those commitments is the true free floating of the Egyptian pound as well as to end of fuel subsidies.

The IMF released in 107-pages-report about the current situation and Egypt’s commitments.

What we fear for real started. Many Egyptians are worried.

 Those who bought those high-yield 25% annual saving certificates released by the National Bank of Egypt and Banque Misr last week are the biggest losers.

The gold bars and ingots websites like BTC crashed several times and the gold price jumped too. I do not know what is going to happen in the coming days but I think me and other Egyptians are worried about their saving and their future.

We do not want to be the next Lebanon or next Argentina.

The media is focusing on trivial matters like fights between this figure and that TV host or whether the late Ahmed Khaled Tawfik was an overrated author because of his novel “Utopia” which the younger generation fears are happening already.

I think in the upcoming weeks we can see what will happen and whether the IMF-Government plan will work or will turn things worse as Ramadan is knocking on the doors too soon.