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Egyptian pound keeps its position among best emerging market currencies against US dollar: Cabinet
Euro was up to 1.1764 US dollar from 1.1721 dollars in the previous session, and the British pound increased to 1.2961 dollars from 1.2943 US dollars
Egypt buoyed up by recent IMF’s, international market’s cash injections estimated at $10bn
Egypt’s import bill has generally decreased, on back of commensurate decrease in demand for foreign exchange, says economic expert
At the end of last week, the National Bank of Egypt (NBE) reported that the Egyptian pound was trading at EGP 16.21 to buy and EGP 16.11 to sell. It currently stands after its appreciation against the US dollar, at EGP 16.17 to buy and EGP 16.07 to sell.
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Egypt’s foreign reserves fall to $36.0037bn in May, from $37.037bn in April, says CBE
Like all currencies worldwide, local currency bound to be affected by current exceptional circumstances
The appreciation in the US dollar also pushed the prices of Arab and foreign currencies up against the pound, as the price of the Euro reached EGP 18.1449 to buy and EGP 18.2605 to sell. The price of the Pound Sterling reached EGP 20.2588 to buy and EGP 20.3794 to sell.
The rise in the dollar also pushed the prices of Arab and foreign currencies up against the pound.The price of the Euro amounted to EGP 17.9376 to buy and EGP 18.0560 to sell, while the price of Pound Sterling reached EGP 20.1576 to buy and EGP 20.2769 to sell.
The Swiss franc reached EGP 16.5466 for buying and EGP 16.6522 for selling. The Japanese yen recorded EGP 14.7044 for buying and EGP 14.8035 for selling.
Euro rose to 1.0951 US dollars from 1.0870 US dollar in the previous session, and the British pound rose to 1.2599 dollars from 1.2450 US dollars in the previous session
Global crises, like the coronavirus outbreak, examine the strength of Egyptian monetary policy , Mohamed Abdel Aal
The official price of the dollar at the Central Bank of Egypt (CBE) on Monday reached EGP 15.5856 for buying, and EGP 15.7149 for selling, compared to EGP 15.4784 pounds for buying, and EGP 15.6071 for selling on 23 February.
Bank expects inflation to continue declining to single digits this year
American currency lost more than 25 piasters since the beginning of January 2020
The Egyptian pound appreciated by about 14 piasters against the US dollar since last Wednesday, gaining on Monday about 6 piasters in comparison to Sunday’s exchange rate, which was EGP15.92 to sell and EGP16.05 to buy.
Why the US dollar broke the EGP16 barrier and where to next?
The price of the American currency also declined in Al Ahli Bank of Kuwait, Arab Investment Bank, Emirates NBD, HSBC, Housing & Development Bank, recording EGP 15.99 for buying and EGP 16.09 for selling.
CBE to keep rates on hold in November, December
US currency lost 13 piasters of its value in October, totalling 178 piasters decline since beginning of 2019
The average official price of the US dollar at the Central Bank of Egypt (CBE) fell to EGP 16.2186 for buying and EGP 16.3186 for selling on Sunday, down from EGP 16.2669 for buying and EGP16.3669 for selling last Thursday.
The view of the Secretary of Treasury is based on the fact that the service sector represents 19.4% of the structure of the US economy, while exports represent 12% of the gross domestic product (GDP), but they directly affect the unemployment rate.
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US currency lost over EGP 1 since beginning of 2019, including 34 piasters in May
Expectations for US dollar to reach EGP 16.5
The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE
The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.
US dollar loses 2 more piasters on Sunday to take losses to 75 piasters since mid-January 2019