Egyptian Pound Strengthens Against Major Currencies

Major currencies fell on Monday against the Egyptian pound compared to the close of yesterday's transactions, where the price of the dollar fell to EGP 15.92 to buy, and EGP 16.02 to sell, compared to yesterday's EGP 15.94 to buy, and EGP 16.04 to sell.

The exchange rate of the euro also dropped against the Egyptian pound, according to the latest updates of the National Bank of Egypt (NBE), where it reached EGP 17.98 to buy, and EGP 18.16 to sell, compared to yesterday's EGP 17.95 for purchase, EGP 18.17 for sale.

The pound sterling also fell against the Egyptian pound to reach EGP 20.07 for purchase, and EGP 20.29 for sale, compared to EGP 20.04, and EGP 20.32 during yesterday's trading.

As for the Saudi riyal, the price dropped to register EGP 4.15 to buy, and EGP 4.27 to sell, compared to yesterday's EGP 4.16, and EGP 4.27.

The Kuwaiti dinar exchange rate also fell against the pound today, to reach EGP 49.32 for purchase, and EGP 52.13 for sale, compared to EGP 49.38 to buy, and EGP 52.21 sell during yesterday's trading.

The Central Bank of Egypt (CBE) announced recently that the money supply increased by 17.24% to EGP 4.45 trillion last May compared to April 2020.

It is worth noting that the CBE has taken 17 measures to reduce the repercussions of the novel coronavirus on the Egyptian economy, which has greatly assisted in supporting economic performance and contributed to mitigating the negative impact of the pandemic on companies and also on inpiduals with different social classes.

The Central Bank stressed that these measures aim to preserve the gains achieved by the economy since the launch of the economic reform program in 2016.

In light of the exceptional global developments, these measures were taken in mid-March, with a decision to reduce interest rates by 3% to stimulate the economy and support economic activity in various sectors.