Major Currencies Drop Against Egyptian Pound

Major currencies fell on Wednesday against the Egyptian pound compared to yesterday’s transactions.

The euro fell 20 pt. against the Egyptian currency compared to last week's transactions. The European currency recorded EGP 18.51 to buy, and EGP 18.67 to sell, compared to yesterday's EGP 18.57 for purchase, EGP 18.74 for sale.

The exchange rate of the pound sterling also dropped against the Egyptian pound to register EGP 20.35 to buy, and EGP 21.59 to sell, compared to EGP 21.67, EGP 21.87 in yesterday’s transactions.

The Kuwaiti dinar exchange rate fell against the pound, according to the latest data to reach EGP 49.07 for purchase, and EGP 51.81 to sell, compared to EGP 49.08, and EGP 51.83 on Wednesday.

On the other hand, the exchange rate of the Saudi riyal stabilized against the Egyptian pound, recording EGP 4.10 to buy and EGP 4.23 to sell.

The dollar also stabilized against the Egyptian pound during Wednesday's transactions to register EGP 15.75 to buy, and EGP 15.85 to sell, dropping only 5 pt. since last week's transactions.

Meantime, the Central Bank of Egypt (CBE) said that the volume of foreign exchange reserve balances rose to $38.366 billion at the end of August 2020, compared to $38.315 billion in July, an increase of about $51 million.

Egypt imports an average of $5 billion a month in goods and products, with an annual total estimated at more than $55 billion.

"The current average of foreign exchange reserves covers about 8 months of merchandise imports to Egypt, which is higher than the global average of about 3 months, which secures Egypt's needs of basic and strategic commodities," CBE added.