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This article tries to explain the exchange adjustment Egypt knew during the last three years. The Egyptian pound lost nearly 50 % of its value against the dollar. Beyond the explication of the causes and consequences of such fluctuations, it is a watershed that Egypt will have to cross in its economical regulation. In the field of exchange, the situation is unsatisfactory. On the one hand, that policy seems to answer pressures for greater currency convertibility and to foreign exchange market's liberalization, according to commercial openness politically expressed in many free-trade agreements. On the other hand, the reality of foreign exchange market is an administration and a qualitative control on currency offer that local operators can obtain according to tacit rules and covered instructions from Egyptian monetary authorities. It is therefore a hybrid system that does not remove the convertibility constraints which are very sensitive to foreign investors, but adds uncertainty to the future level of exchange. The constraints imposed by globalisation, the fall of custom duties on imported products, does not lead to economic policy that allows a transformation of economy regulations in order to match the openness. (Maghreb-Machrek/DÜI)