Egyptian Pound Surges 4 Pt. Against US Dollar

The exchange rate of the Egyptian pound rose once again against the US dollar at the end of trading on Thursday from 1-4 piastres.

The pound rose in the National Bank of Kuwait (NBK) with the value of 4 piastres, recording EGP 15.59 to buy, and EGP 15.69 to sell.

In the the Saudi Investment Bank (SAIB), the dollar dropped 3 piasters to reach EGP 15.57 to buy, and EGP 15.67 to sell.

The pound also rose 2 piastres rose in Bank Audi and the Greek national Bank of Egypt to reach EGP 15.58 to buy, and EGP 15.68 to sell.

The pound at Credit Agricole recorded EGP 15.59 to buy, and EGP 15.69 to sell, up by one piastre, while the exchange rate of the pound in Misr Iran Development Bank (MIDB) declined by one piastre to record EGP 15.61 for purchase, and EGP 15.71 for sale.

Meantime, the pound settled in Banque Misr, and the United Bank at EGP 15.58 to buy,  and EGP 15.68 to sell.

The US currency also settled in the Arab African International Bank (AAIB), and the Commercial International Bank (CIB) at EGP 15.59 to buy, and EGP 15.69 sell.

At the National Bank of Egypt (NBE) the greenback recorded EGP 15.53 to buy, and EGP 15.63 to sell.

The Egyptian Minister of Planning, Hala Al-Sad, attributed the drop in the price of the US currency and the breaking of the 16-pound barrier to several factors, including the increase of foreign investments in Egyptian treasury bills (T-bills), which rose to $ 15.29 billion at the end of last September, in addition to the increase in the numbers of tourists and stability of remittances of Egyptians abroad.