The Egyptian pound recorded its highest value against the US dollar since October 2016, according to Hala El-Said, Minister of Planning and Economic Development.
El-Said explained, during the cabinet's weekly meeting on Wednesday, that the exchange rate has witnessed a continuous drop since June 2020 to record EGP 15.7 in November, to stabilize until February 2021, representing the highest value of the pound against the dollar since October 2016.
[caption id="attachment_220694" align="aligncenter" width="977"]
USD to EGP Chart, March 10, Foreign exchange company XE[/caption]
She indicated that net foreign reserves continued to rise for the eighth month in a row to reach $40.2 billion in February, noting that the volume of remittances from Egyptians abroad increased during Q1 of FY 2020/21 to record its highest level over the past two years.
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