Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian Pound Appreciates 13 Pt. Against Dollar

Fri 03 Jul 2020 | 08:41 PM
Taarek Refaat

The Egyptian pound made gains against the U.S currency since the announcement of reaching a new agreement with the International Monetary Fund (IMF) last June, amounting to about 13 piastres.

This came after a series of successive gains for the dollar against the backdrop of increasing tensions in the emerging markets from the economic impact of the corona pandemic.

The average price of the US dollar recorded at the end of last week its lowest level in a month against the Egyptian pound, driven by many positive data that supported the performance of the Egyptian currency in recent weeks.

Egypt succeeded in reaching a new financial agreement with the International Monetary Fund worth $ 5.2 billion, preceded by another agreement with the fund worth $ 2.7 billion, in addition to obtaining $ 5 billion from international markets, which compensated for the country's declining foreign exchange reserves due to the pandemic.

The price of the US dollar fell from EGP 16.20 to buy and EGP 16.30 to sell recorded in early June to EGP 16.07 for purchase and EGP 16.17 for sale in major Egyptian banks by the end of this week.

Today, the data of the National Bank of Egypt (NBE) showed a decline in the exchange rate of the single European currency "euro" to record EGP 17,98 to buy and EGP 18,19 to sell.

Arab Currencies XR Against Pound

The price of the Kuwaiti dinar recorded EGP 49.79 to buy, EGP 52.54 to sell, while the Saudi riyal closed the trading at EGP 19.4 to buy, and EGP 4.4 to sell.

The UAE dirham registered EGP 35.3 for purchase, EGP 4,40 for sale, while the Bahraini dinar recorded EGP 41.52 to buy, EGP 42,88 to sell, and the Jordanian dinar EGP 22.35, EGP 22.79.

USD                        16.07 to buy and 16.17 to sell

Euro                        17,98 to buy and 18,19 to sell.

Saudi riyal             19.4 to buy, and 4.4 to sell.

UAE dirham           35.3 for purchase, 4,40 for sale.

Kuwaiti dinar         49.79 to buy,  52.54 to sell.

Bahraini dinar       41.52 to buy,  42,88 to sell.

Jordanian dinar    22.35, 22.79