CAIRO: The Exchange rate of the Egyptian pound (EGP_ decreased against the U.S. dollar over last week by 0.2 percent, bringing the rate to 5.985 EGP to U.S. $1, according to a weekly report issued by the Egyptian Information and Decision Support Center. Meanwhile, the value of the Egyptian pound rose against the Euro by 2.7 percent. €1 now equals 8.187 EGP. The EGP also rose 1.5 percent against the British pound Sterling to record EGP 9.457 against £1. The Egyptian pound also rose against the Japanese Yen by 0.04 percent to record 7.724 EGP against 1 JPY. Commenting on the continuing decline of the Egyptian pound against other currencies, Executive Director of the Egyptian Center for Economic Studies Magda Qandeel said the rate continues to fall despite the efforts of Egypt's Central Bank. The ongoing decline of the exchange rate has increased the cost of imported goods, especially important as Egypt is a major importer. This matter will negatively affect Egypt's ability to meet the need of commodities amid great decline of foreign reserve funds. Although there are negative effects due to the decline of the exchange rate, the exchange rate on Egyptian debts will be reduced. Moreover, the U.S. dollar's value increased against the Euro by 3.1 percent over the past week, bringing the exchange rate to U.S. $0.725 to €1. The UK sterling fell against U.S. dollar by 1.8 percent to record $0.629 per £1. The value of the Japanese Yen dropped against the U.S. dollar by 0.7 percent to record $77.378 per 1 JPY.
