The US Dollar is set to break the EGP 60 mark in Egypt’s black market, which stood at EGP 57 per 1 USD, according to an Ahram Online at the start of the week. The official exchange rate, maintained around EGP 30.80 per 1 USD since the Central Bank of Egypt’s last devaluation in January 2023, stands in stark contrast to the escalating rates in the parallel market. Other black market exchange rates include 1 Euro trading at EGP 63.7, 1 British Pound trading at EGP 73.9, 1 Saudi Riyal trading at EGP 15.5, and 1 Chinese Yuan trading at EGP 8.1. Simultaneously, gold prices, which are relatively linked to the dollar’s value, are also experiencing record-breaking increases in Egypt – currently hovering near EGP 3,900 (USD 126) per gram of 24-carat gold. Exactly a month ago, on 17 December, a gram of 24-carat gold was sold in markets for around EGP 3300 (USD 106). THE ECONOMIC IMPLICATIONS OF THE BLACK MARKET IN EGYPT The black market, or parallel market, operates beyond government-supervised channels to circumvent taxes and price controls. Encylcopedia.com, one of the world’s leading digital encyclopaedias, states that…
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