Egyptian Geneh to USD: A Comprehensive Guide

Introduction

The Egyptian geneh (EGP) is the official currency of Egypt. It is pegged to the US dollar (USD) at a fixed exchange rate of EGP 17.6 to USD 1. This exchange rate has been in place since 2016.

The geneh is the 23rd most-traded currency in the world, with a daily trading volume of over $10 billion. It is used for all domestic transactions in Egypt, and it is also widely accepted in neighboring countries such as Libya and Sudan.

Historical Exchange Rates

The geneh has been pegged to the USD since 1885. However, the exchange rate has fluctuated significantly over the years. The following table shows the historical exchange rates of the geneh to the USD from 1985 to 2022:

As you can see, the geneh has weakened significantly against the USD over the past few decades. This is due to a number of factors, including the country's high inflation rate, political instability, and trade deficit.

Current Exchange Rate

As of July 2023, the Egyptian geneh is trading at EGP 17.6 to USD 1. This exchange rate has been stable for the past several months.

Factors Affecting the Exchange Rate

The following factors can affect the exchange rate of the Egyptian geneh to the USD:

• Interest rates: The Central Bank of Egypt (CBE) sets the interest rates in the country. When interest rates are high, it makes it more attractive for investors to hold geneh. This can lead to an appreciation of the geneh against the USD.
• Inflation: Inflation is the rate at which prices rise over time. High inflation can lead to a depreciation of the geneh, as it makes the currency less valuable.
• Political stability: Political instability can lead to a depreciation of the geneh, as investors become less confident in the country's economic future.
• Trade deficit: A trade deficit occurs when a country imports more goods and services than it exports. This can lead to a depreciation of the geneh, as it makes the currency less valuable in international markets.

How to Convert Geneh to USD

There are a number of ways to convert geneh to USD. You can do it through a bank, a currency exchange, or an online currency converter.

Banks

Banks offer competitive exchange rates for geneh to USD. However, they may charge a small fee for the transaction.

Currency Exchanges

Currency exchanges are located in airports, train stations, and other tourist areas. They offer convenient exchange rates, but they may charge a higher fee than banks.

Online Currency Converters

Online currency converters allow you to convert geneh to USD from the comfort of your own home. They offer competitive exchange rates, and they do not charge any fees.

Conclusion

The Egyptian geneh is a stable currency that is widely accepted in Egypt and neighboring countries. The exchange rate of the geneh to the USD has been stable for the past several months. However, it is important to be aware of the factors that can affect the exchange rate, such as interest rates, inflation, political stability, and trade deficit.

Frequently Asked Questions

How much is 1,000 geneh in USD?

As of July 2023, 1,000 geneh is equal to $56.82 USD.

How much is 1 USD in geneh?

As of July 2023, 1 USD is equal to EGP 17.6.

What is the best way to convert geneh to USD?

The best way to convert geneh to USD is through an online currency converter. Online currency converters offer competitive exchange rates, and they do not charge any fees.

Is the geneh a stable currency?

The geneh is a stable currency that has been pegged to the USD since 2016. However, it is important to be aware of the factors that can affect the exchange rate.