The exchange rate of the dollar against the Egyptian pound fell in the parallel market to 55 pounds in morning trading from 70 pounds in Friday trading. This comes amid ongoing negotiations between Egypt and the International Monetary Fund to increase the value of the loan agreed upon in December 2022 from $3 billion to what may exceed $10 billion.
Economist Moatasem Al-Shahidi says that the unofficial market is unregulated, as it is subject to rumors and the psychology of dealers in addition to supply and demand, and does not depend on what the official markets depend on for currency trading.