When will the Egyptian pound stop falling, and start to return to the price 180 years ago ..?!

in money •  2 years ago 

It is no secret to everyone that Egypt as a country had its economic status and prestige decades ago, despite the difficult situation the country is going through and the currency of the Egyptian pound, how the Egyptian pound fell among the strongest regional currencies to the weakest. We will show this point by 1836 years.

1- The first Egyptian pound was minted in 1836, about 181 years ago, during the era of Mohamed Ali Pasha. And gold was adopted as a criterion for evaluating (good work).

2- In 1899, the first paper was issued to the Egyptian pound.

3. The Egyptian pound was separated from gold in 1914 and was linked to the British Pound (the beginning of the disaster). At the time, every pound was worth EGP  knowing today the sterling today is worth 23 Egyptian pounds.

4. In 1947, the Egyptian pound was pegged to the British pound and linked to the US dollar (the American era until today).

5 - During the reign of King Farouk (1936-1952) each Egyptian pound was worth 4 US dollars (days of Ezz to Egypt).

6. In the era of Gamal Abdel Nasser (1954-1970) the pound began to decline to make every pound worth two and a half dollars.

7 - During the era of Anwar Sadat (1970-1981) the pound continued to decline to become the pound is $ 66 cents. We note that in all previous periods in which the pound began to decline from the time of Nasser, but remained constant and higher than the dollar until the rule of former Egyptian President Hosni Mubarak.

8. During the Mubarak era (1981-2011), the pound experienced a first defeat in a history lower than the US dollar. Mubarak received the verdict and the value of the pound was $ 1.25 and a quarter, and during his reign a few years became the pound under one dollar, the dollar became equal to one and a half, and Mubarak left the rule only when the Egyptian pound in a state of deplorable, In the January revolution each dollar was 5 pounds and about 88 pence, and in percentage the pound lost 286% of value during Mubarak's rule.

9. In the era of Morsi (2012-2013) the dollar was worth about 6 genes and Egypt is emerging from a revolution that has exhausted its economy. It became 7 genes after Morsi was deposed from the one-year rule.

In the era of Sisi (until today) the pound was equal to 7.14 piasters, until we reached the year 2016 the pound fell to unprecedented prices to become one dollar 15 pounds, until the float came and in 2017 completed the pound fell to about 19 pounds , Where the pound lost 152% of its value in the era of Sisi and more than 10 weakening since 1981. And the story continues ..

When will the Egyptian pound stop falling, and start to return to the price 180 years ago ..?!

 --------------------------------------------------- 

 Image source

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Excellent story dear friend @ mars9, thank you very much for sharing