Egyptian Pound Appreciates 5 Pt. against US Dollar

The average price of the dollar in major Egyptian banks dropped 5 piastres on Thursday to record its lowest price at the end of the week’s transactions, supported by the positive assessments of the Egyptian economy by international rating agencies.

The US dollar exchange rate dropped 5 piastres at the Commercial International Bank (CIB) to register EGP 15.63 to buy and EGP 15.73 to sell.

At the National Bank of Egypt (NBE) and Banque Misr, the US currency recorded EGP 15.65 to buy and EGP 15.75 to sell.

The Egyptian pound has appreciated significantly against the dollar despite the global crisis, and contrary to expectations, to end last year's exchange rate at an average of EGP 15.74 against the greenback.

The improvement in the performance of the pound against came as a positive result of improved cash flows to banks, a rise in net foreign reserves, and an increase in foreign investments in treasury bills.

The Central Bank of Egypt announced an increase in foreign reserves by the end of February to record $40.2 billion, an increase of $100 million over the previous month.

The Egyptian pound witnessed a remarkable improvement that was praised by international institutions despite the Corona crisis, contrary to expectations, as it recorded 15.74 pounds by the end of 2020.