Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    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, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    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 loses over EGP 1 of its value since start of year
Expectations for US dollar to reach EGP 16.5
Published in Daily News Egypt on 25 - 05 - 2019

The US dollar has lost over EGP 1 of its value since the start of the year, including about 29 piasters over the past three weeks alone.
The average price of the dollar declined in the local market at banks last Thursday to EGP 16.83 for buying and EPG 16.93 for selling, compared to EGP 17.87 for buying and EGP 17.95 for selling on 2 January, with nearly a decline of EGP 1.03.
The average official dollar price at the Central Bank of Egypt (CBE) reached EGP 6.81 for purchasing and EGP 16.93 for selling last Thursday, compared to EGP 17.85 for buying and EGP 17.97 for selling on 2 January 2019, a decrease of EGP 1.04.
The Egyptian market has received strong foreign exchange inflows during the recent period. The volume of these inflows reached about $29bn since the beginning of this year until the end of last week, of which $4.5bn were added since the beginning of May only.
According to Mohamed Abdel-Al, a banking expert and board member of the Suez Canal Bank, the decision to fix the pound interest rate by the CBE on Thursday will give a new push to the pound against the dollar, which will stimulate indirect investment in Egyptian debt instruments. It will encourage workers abroad to waiver foreign exchange and go to the pound to take advantage of the interest rate difference.
He stressed that the improvement of most economic indicators and vital foreign exchange sources, with the political stability, after the approval of the constitutional amendments, gave momentum and attraction of the pound at the expense of the dollar.
Abdel-Al expects the dollar to fall to a new level of EGP 16.5 during the coming period, with the increase of dollar waivers, as the dollar is expected to stabilise at this level until the end of the year.
He also expects a drop in the price of the custom dollar to EGP 15 soon.
This comes at a time when the Bloomberg agency confirmed that the Egyptian pound became one of the best performing currencies in 2019.
Bloomberg pointed out in a report that currently the pound is being traded at its strongest level for over two years after an increase of over 6% against the US dollar in 2019.


Clic here to read the story from its source.