Dollar prices hit 2-year low against Egyptian pound

CAIRO - 28 January 2018: The US Dollar exchange rates hit Sunday its two-year low against the Egyptian pound as foreign fund inflows have witnessed a strong return for the first time since May.

USD/EGP retreated 22 piasters on Sunday to hit 17.63 for buying and LE 17.75 for selling in most banks, including the National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Arab African International Bank, Emirates National Bank of Dubai (ENBD), and Credit Agricole Egypt amid oversupply in USD.

Speaking to MENA, bankers and economists said the measures which have been taken by the Central Bank of Egypt (CBE) to ease the foreign inflows and outflows into the Egyptian market started paying off.

The market started reaping the fruit of terminating the forex transfer mechanism in December.