BRICS: US Dollar Rises 50% In Egypt’s Foreign Exchange Black Market
The conflict in the Middle East between Israel and Palestine is proving to be expensive for new BRICS member Egypt , as the US dollar sharply spiked by 50% in the country’s foreign exchange black market. The development is stunting the growth of an already ailing economy in Egypt making the US dollar stronger in both the legal and forex black market. Also Read: BRICS: Global Power Dynamics Shifting From the West One US dollar is officially worth 30.90 Egyptian Pounds (EGP), according to the traditional foreign exchange market. However, the same value puts the Egyptian Pound range from 45 to 47 EGP against the US dollar. BRICS member Egypt’s currency is at a record low against the US dollar in both the traditional and black market. The move brings inflation into Egypt as basic commodities, mostly exports, will rise tremendously. Egypt is directly impacted by the ongoing Israel and Palestine conflict as it shares a border with the country. Also Read: BRICS: Indi...