Egyptian pound's losses against USD reach 100% since March

In Wednesday morning transactions, the US dollar traded for over EGP 31 at major banks, up from EGP 27.6 recorded a day earlier.

At the National Bank of Egypt, the US dollar price saw ups and downs before settling at EGP 29.75 for purchasing and EGP 29.8 for selling.

At the Commercial International Bank (CIB), the US dollar traded for EGP 29.65 for purchasing and EGP 29.75 for selling.

At HSBC and SAIB Bank, the US dollar price traded for EGP 29.6 for purchasing and EGP 29.7 for selling.

The euro prices also jumped by over EGP 1 to record over EGP 34 at major banks.

The unprecedented performance of the Egyptian pound on Wednesday came a day after the press conference the International Monetary Fund (IMF) held to announce the commitments Egypt has pledged under the new IMF-backed economic and structural reform programme.