The Central Bank of Egypt allowed the EGP to float freely on 6 March 2024, producing an immediate ~60% devaluation against the USD. Foreign-currency-earning residents experienced an immediate and substantial improvement in local purchasing power; EGP-earning residents faced import-driven inflation. Part of the IMF-backed macroeconomic adjustment programme.
All Egyptians and foreign residents; materially affects cost-of-living and import costs.
Primary: Central Bank of Egypt ↗
Corroborating: Ministry of Finance (Egypt) ↗
Verified 2026-04-19 · methodology · report a correction