Current Exchange Rate Egyptian Pound To Us Dollar
Introduction
The Egyptian pound is the official currency of Egypt, and it is abbreviated as EGP. On the other hand, the US Dollar is the official currency of the United States and it is abbreviated as USD. The exchange rate between these two currencies is an essential factor that affects the economy of both countries.
Factors that Affect the Exchange Rate
The exchange rate between the Egyptian pound and the US dollar is determined by several factors. One of the most significant factors is the balance of trade between the two countries. If Egypt exports more to the US than it imports, the demand for the Egyptian pound will increase, and its value will appreciate against the US dollar.
Another significant factor that affects the exchange rate is the political stability of both countries. If there is political instability in Egypt, investors may become hesitant to invest in the country, which can lead to a decrease in demand for the Egyptian pound, and its value may depreciate against the US dollar.
Current Exchange Rate
As of September 2021, the exchange rate between the Egyptian pound and the US dollar is approximately 15.65 EGP to 1 USD. This means that one US dollar can be exchanged for 15.65 Egyptian pounds.
Historical Exchange Rate
The exchange rate between the Egyptian pound and the US dollar has fluctuated over the years. In 2011, during the Egyptian revolution, the exchange rate was around 5.8 EGP to 1 USD. However, due to political instability and economic challenges, the exchange rate depreciated, and in 2016, it reached its lowest point, with one US dollar being exchanged for approximately 18 Egyptian pounds.
Impact on the Economy
The exchange rate between the Egyptian pound and the US dollar has a significant impact on the economy of both countries. A strong Egyptian pound can increase the purchasing power of Egyptians and make imports less expensive. On the other hand, a weak Egyptian pound can make imports more expensive and lead to inflation.
For the US, a strong Egyptian pound can make Egyptian goods more expensive, which can lead to a decrease in demand for Egyptian products. On the other hand, a weak Egyptian pound can make Egyptian goods cheaper, which can increase demand for Egyptian products.
Conclusion
The exchange rate between the Egyptian pound and the US dollar is an essential factor that affects the economy of both countries. It is determined by several factors, including the balance of trade, political stability, and economic challenges. As of September 2021, the exchange rate between the two currencies is approximately 15.65 EGP to 1 USD. It is crucial for individuals and businesses to understand the impact of the exchange rate on the economy and make informed decisions based on it.