Egyptian Pound is Second Best Performing Currency of 2019, According to Bloomberg

Online shoppers in Egypt might have noticed lately that, while fearfully Googling just how much their order total is in Egyptian pounds, the figures aren't as frighteningly high as before. Even if only slightly.

You see, according to a data analysis by Bloomberg, the Egyptian pound rose through the ranks this year and is the second best-performing currency of 2019. The EGP increased by 6.5% in the first half of 2019, right behind the Russian ruble (RUB), which gained 9.5%, and outranked the Thai bat (5.3%) and Philippine peso (2.8%).

These performance indicators outline the amount of appreciation by a local currency again the US dollar for a specific period of time. The Egyptian cabinet released an infographic showing the performance of the EGP and other currencies from emerging markets spanning the last 6 months.

After the EGP was floate in 2016, the exchange rate dropped from 8 to 18 EGP per US dollar, and now stands at EGP 16.65 per dollar.