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Currency News

EGP and KZT Spiral Downward and Scotland’s Decision to Make Post-Brexit

The currency news surrounding the Egyptian pound is that the EGP has been declining and hit its lowest point on the black market. The reasoning behind this is the anticipation that Egypt will devalue the Egyptian pound yet again due to its weak economy. The official exchange rate between the dollar and EGP is currently (as of July 28 at 6:24am EST) 8.88. The exchange rate has been in that ballpark since the Egyptian government devalued its currency back in March.

Kazakhstan’s currency has also been on a downward spiral as of late. Between July 20^th and July 28^th, there has been an increase of about 12 tenge for every dollar, rising from 338 to 350 KZT to USD. This plunge in the value of the Kazakhstani currency is not an uncommon occurrence, but nonetheless has been hurting the Kazakhstani people who are facing rising prices and many have not had their salaries adjusted to match the change in currency value.

In the past, Scotland has debated leaving the United Kingdom and become an independent country, but every time, Scotland ultimately decided to remain tied to the UK. However, with the Brexit decision, there may be another Scottish referendum to separate itself from Britain and create or adapt an alternate currency to the GBP.