According to data from the Central Bank of Egypt (CBE), the dollar dropped on Sunday 2 piastres against the Egyptian pound.
The purchase price of the dollar stood at EGP 17.1242 compared to EGP 17.1442 during the weekend.
While the selling price recorded EGP 17.2242 during today’s trading, compared to EGP 17.2442 last Thursday.
The exchange rate of the dollar fell against the pound by about 13.2 piastres over the last week.
Data indicate that the dollar’s decline against the pound is due to the increase in the volume of foreign cash flows, following the bank’s decision to terminate the foreign investors’ transfer mechanism last December, which increased foreign investments in government bonds.
Analysts associated the appreciation of the pound to the increased demand for international investments on Egyptian debt instruments. In addition, Moody’s decision to raise the credit rating of Egypt to B2 from B3, with a stable outlook, last Wednesday also attributed to the appreciation of the currency.