Egyptian Pound Continues to Rise Against Dollar

The exchange rate of the Egyptian pound continued to rise against the US dollar in major banks at the end of trading on Sunday.

According to the market price measured by the Central Bank of Egypt (CBE), the average dollar price in banks dropped to EGP 15.92 to buy and EGP 16.02 to sell, compared to EGP 15.94 to buy and EGP 16.04 to sell at the end of trading last week.

The price of the dollar in the National Bank of Egypt (NBE) and Banque Misr reached about EGP 15.94 for purchase and EGP 16.04 for sale.

While Commercial International Bank (CIB) scored about EGP 15.91 to buy and EGP 16.01 sell, while Abu Dhabi Islamic Bank (ADIB) registered EGP 15.95 to buy and EGP 16.05 to sell.

CBE announced last week that foreign reserves increased at the end of June 2020 to reach $38.201 billion, up $2.2 billion, compared to about $36.003 billion during May.

On May 12, Egypt received $2.7 billion rapid credit financing from the International Monetary Fund (IMF) to maintain fiscal balance during the corona crisis.

Egypt and the IMF also reached an expert-level agreement on a 12-month credit agreement, valued at $ 5.2 billion, which will result in the increase of foreign reserves and thus a stronger pound.

Pound Exchange rate Against Major Currencies