The Cabinet's media center said the increase of exports and Foreign Direct Investments (FDI) have motivated Bloomberg to rate the Egyptian pound (EGP) as the second-best performing currency this year.
On its official Facebook page, the center published on Saturday a chart presenting the progress of the Egyptian pound.
"Bloomberg report issued a week ago on currencies performance highlighted the exceptional progress of the Egyptian currency," the media center added.
Egypt's foreign reserves also jumped from $20.01 billion in June 2015 to reach $44.4 billion in the corresponding period this year.
"Foreign reserves doubled in the last three years, contributing to a stronger Egyptian pound," the center pointed out.
It is worth mentioning that the Egypt pound was the second worst-performing currency in 2015.
In the same context, the chart reviewed the logic behind Bloomberg's assessment of the pound's performance, including the improvement of Egypt's credit rating.
Fitch raised Egypt's credit rating from (B) in 2015 to (B +) in 2019. Moody's also raised the country's rating from (B3) in 2015 to (B2) in the same period.
Standard & Poor's (S&P) also raised Egypt's rating from B- to B in 2018.
Finally, Egypt's ranking in the Global Competitiveness Index, which assesses the competitiveness landscape of 140 economies, jumped to 94th spot last year compared with 116th in 2015.
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