Dollar Records 48.08 against Egyptian Pound as IMF Postpones Third Review

The US dollar rose slightly against the Egyptian pound in midday trading on Wednesday in most Egyptian banks.

The dollar recorded its highest price at 48.15 pounds for purchase in banks, and 48.25 pounds for sale.

At the Central Bank of Egypt (CBE) the greenback recorded 47.94 to buy and 48.08 to sell by the end of trading while the euro recorded 51.87 to buy and 52.03 to sell.

The Egyptian pound has achieved some gains over the past few days, following the announcement of the new formation of the Egyptian cabinet.

Last Monday, the dollar recorded its lowest level in two weeks at 47.9 pounds, but it rose again starting yesterday, Tuesday, and continued to rise during Wednesday’s trading.

The rise coincided with the International Monetary Fund postponing its third review of Egypt’s program to July 29.

Sources revealed that the postponement was due to the recent ministerial change, which included all the ministers of the Economic Group. “Time must be given to the new ministers to study the files.”

The third tranche of the loan granted to Egypt is worth $820 million. The value of the program was increased from $3 billion to $8 billion, and an immediate $820 million was disbursed when the extended program was signed at the end of March.