Abstract   The Arab Republic of Egypt followed various exchange rate policies over the past three decades. In November 2016, Egypt followed the policy of floating exchange rates in line with the recommendations of the International Monetary Fund (IMF). The problem of research is about how the various exchange rate policies in Egypt affected some macroeconomic variables such as economic growth, Unemployment rate, inflation rate, trade balance deficit, external debt and international reserves. The study concluded that there is a clear difference in the impact of the exchange rate on the economic variables under study. The results of the decision to liberalize the exchange rate confirm the validity of the delayed decision to float the exchange rate. The study recommended a set of recommendations, the most important of which is the need to maintain the policy of exchange rate liberalization, the promotion of Egyptian exports and the entry into international competition, especially after the floating decision which helps to increase The competitiveness of Egyptian exports, and finally the need to rely on a basket of currencies rather than relying mainly on the dollar.