The Egyptian pound continues to decline against the US currency, reaching its lowest level at 69 pounds to the dollar in Monday’s trading. The dollar scarcity crisis in the Egyptian market entered a new phase, due to the increasing need of importers for foreign exchange to meet the value of imports, and the fluctuation of the amounts of dollars entering the country.
As a result of the decline in the local currency, the prices of major commodities jumped, starting with gold, which is sold at a higher price than its global value.