SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US dollar hits its lowest in two years
US currency lost 8.11 piasters last week, losing 49 piasters since January 2019
Published in Daily News Egypt on 10 - 03 - 2019

The dollar lost 8.11 piasters in return of the pound last week, averaging EGP 17.3983 for buying and EGP 17.4983 for sale on Thursday, March 7, compared to EGP 17.4794 for buying and EGP 17.5794 for selling on Thursday, 28 February.
This is the lowest level the US dollar hit in nearly two years.
The highest level of the dollar in banks at the end of trading last Thursday reached EGP 17.5 for buying and EGP 17.55 for selling at Abu Dhabi Islamic Bank (ADIB), while it recorded the lowest level at the National Bank of Egypt (NBE), where it reached EGP 17.40 for buying and EGP 17.50 for selling.
The dollar declined against the pound in January 2019 to its lowest level since May 2018, losing more than 30 piasters, driven by the increase in foreign exchange offered in banks, upon the return of foreign investments in government debt instruments.
The total losses of the dollar hit 47 piasters since January.
The Central Bank of Egypt (CBE) has recently disclosed that foreign investments in Egyptian treasury bills (T-Bills) rose again in January 2019, after about nine months of decline.
According to the CBE, the volume of foreign investments in T-Bills in January 2019 jumped to about EGP 233.8bn ($13.205bn), compared to EGP 192.281bn ($10.708bn) by the end of December 2018, an increase of about EGP 41.519bn ($2.497bn).
The Minister of Finance, Mohamed Moeit, confirmed that the amount of foreign investments in T-Bills and bonds (T-Bonds) in the Egyptian market reached $15.8bn at the end of February 2019.
In its poll on dollar exchange conducted at Dubai's investment conference last week, EFG-Hermes revealed that 42% of participants voted for the dollar to reach EGP 18 by the end of 2019, while 13% expected it to fall to EGP 16, and 7% expected the dollar to hit EGP 20.
In Daily News Egypt's poll, analysts said that the US currency may settle at the same level of 2018, while other analysts said it will only move in very narrow terms, with some expectations to be traded at a level between EGP 17.25-19 until the end of 2019.
According to the CBE's report, the dollar was ranging throughout 2018 between EGP 17.6584 and 17.8534 for buying, and EGP 17.7838 and 17.9738 for selling.
Mohamed Abdel Aal, a member of the board of directors of the Suez Canal Bank and the Arab Sudanese Bank, expected the exchange rate of the pound to stabilise between EGP 17.25 and 18.50 per US dollar in 2019.
According to Abdel A'al, the Egyptian pound is not expected to face pressures in 2019, due to the positive growth and improvement of the national economy; stability in growth rates of net foreign reserves; the low rates of imports; the successful policy of liberating the exchange rates that has been applied since November 2016, as well as the attractive interest rates on deposits in local currency, with expectations to continue to rise until the end of 2019.
Tarek Metwally, the former deputy managing director of BLOM Bank Egypt, expects that the dollar will move between EGP 17.5 to 19 in 2019.
While Zakaria Salah, the banking expert, expected the stability of the dollar against the pound in 2019 at the same levels it reached in 2018, as a result of import restriction and the increasing rates of exports, which will positively reflect on the balance of payments.


Clic here to read the story from its source.