The US dollar continued to decline on Monday, below EGP 16, reaching EGP 15.86 to buy and EGP 15.96 to sell on average at banks on Monday, according to the Central Bank of Egypt (CBE). The Egyptian pound appreciated by about 14 piasters against the US dollar since last Wednesday, gaining on Monday about 6 piasters in comparison to Sunday's exchange rate, which was EGP15.92 to sell and EGP16.05 to buy. This decline comes as a result of a noticeable increase in banks' foreign exchange resources, especially from foreign exchange fund investments in Egyptian financial markets. It is worth noting that the total foreign exchange flows of banks recorded about $1.7 bn since last Wednesday until Monday. The exchange rate of the American dollar against the Egyptian pound has witnessed a noticeable decline in banks since the beginning of 2019, with the improvement of hard currency flows, especially from tourism and remittances. Meanwhile, the exchange rate reached its lowest level since February 2017 in mid-December, reaching about EGP 15.97 to buy and EGP 16.10 to sell on average at banks.
