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Impact of Currency Devaluation

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  3. Impact of Currency Devaluation

October 27, 2022

Dear AUC Community,

Earlier today, the Egyptian pound devalued against the US dollar. While it is too early to anticipate the impact across all areas of our operations, we are carefully accessing the situation and preparing appropriate measures. We will be sharing more information about these measures shortly.

The University community is impacted by the exchange rate on a number of fronts, chief among them is our students and families, who pay tuition denominated in US dollars, and staff whose salaries are fully denominated in Egyptian pounds. In addition, many aspects of our operation are going to be impacted, like all institutions in the country.

We remain firmly committed to ensuring no current student is prevented from completing their AUC education due to an inability to pay. We will also be working together in the days and weeks ahead to find ways to blunt the impact for those most affected among us while continuing to deliver on our educational mission at the highest level. 

Sincerely,

Ahmad Dallal