During the year 2021, the Egyptian pound succeeded in maintaining the strength that it regained during the past years, despite the continuing crisis of the coronavirus pandemic, which afflicted many currencies worldwide, especially those of developing markets.
The proactive measures and decisions taken by the Central Bank of Egypt (CBE), in cooperation with the government, succeeded in maintaining the stability of the Egyptian currency.
The price of the US dollar witnessed a state of discrepancy between the rise and fall over the course of the 2021 transactions against the Egyptian pound, which tended to decline by a slight value, despite the global and local conditions as a result of the continuing global crisis.
The price of the Egyptian pound rose by 3 piastres against the US dollar during the year 2021 in most banks operating in the local market.
The price of the US dollar against the Egyptian pound recorded today, December 31, about EGP 15.64 for purchase, EGP 15.74 for sale, in the Egyptian National Bank of Egypt (NBE), Banque Misr, and Banque du Caire.
The dollar in the Commercial International Bank (CIB) recorded about EGP 15.66 for purchase, and EGP 15.76 for sale, while the official price announced by the CBE recorded about EGP 15.65 for purchase, and EGP 15.77 for sale. The average selling price recorded about EGP 15.66 for purchase, and EGP 15.75 for sale.
The price of the US dollar against the Egyptian pound recorded on January 1, 2021, about EGP 15.67 for purchase, and EGP 16.77 for sale, in NBE, Banque Misr, and Banque du Caire. While the official price announced by the CBE recorded about EGP 15.66 for purchase, EGP 15.79 for sale.
The average selling price on Jan. 1 recorded about EGP 15.68 for purchase, and EGP 15.78 for sale, and the price of the dollar at the CIB is about EGP 15.69 for purchase, EGP 15.79 for sale.
Globally, the US dollar index declined, during the last week of December 2021, by -0.57% with an improvement in risk sentiment in the middle of the week on the back of positive news related to the COVID pandemic. It should be noted that the market witnessed weak trading during this week before the Christmas holidays and the end of year in general.
Meanwhile, the Euro rose +0.70% on the back of a weak dollar. Similarly, the British Pound rose (+1.06%) as concerns eased about the severity of the new variant, and with the government's announcement that it would not re-impose any new restrictions before the Christmas holidays. In addition, the currency received a boost due to increased expectations of an interest rate hike.
Gold prices also rose by 0.68% during the week to record the second consecutive weekly gain, on the back of the weak dollar to record $1829 an ounce.
The markets witnessed weak trading activity before the Christmas holidays, reports indicated that the Omicron mutant may be less severe in terms of symptoms and developments related to the approval of the US Food and Drug Administration (FDA) for the treatment of the coronavirus by for Pfizer pills, which contributed to improving risk appetite and the rise in stocks and risky assets.
US data came in mostly strong, with the Fed's preferred measure of inflation hitting a 40-year high. US Treasuries, across all maturities, lost ground as investors' risk appetite improved during the week.
In addition, strong economic data on the labor and housing market as well as higher PCE figures boosted revenue.
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