Egyptian pound
The dollar rate declined to its lowest rate at Credit Agricole registering LE 15.80 for buying and LE 15.90 for selling
The Egyptian pound is the least affected by the coronavirus ramifications, a matter which proves the State's successful policies at the economic level, according to an infographic.
In exclusive statements to MENA, Head of Research at EFG Hermes Ahmed Shams El Din said this is considered the first hike in foreign currency reserves since the outbreak of COVID-19 in March.
The optimistic expectations are backed by the increase in the foreign currency in Egypt due to the return of tourism and foreign investment.
The dollar rate declined one piaster, standing at LE 16.1 for buying and LE 16.2 for selling, according to a statement by the National Bank of Egypt.
The Egyptian pound has achieved a great performance against the US dollar since the beginning of 2020 compared to other emerging markets despite the coronavirus pandemic that is rocking the whole world, Bloomberg statistics noted on Thursday.
The report affirmed that the immediate concern for the IMF is likely to be the exchange rate.
It clarified the decline will take place as the Egyptian authorities would loosen their grip on the pound over the coming weeks.
CBE’s governor referred to global talks about how Egypt preceded the current conditions by controlling the economy.
This step comes in preparation for the launch of the "Beni" platform for Arab payments of the fund.
At the Central Bank of Egypt, the dollar rate went up by one piaster to register LE 15.66 for buying and LE 15.78 for selling.
The US dollar jumped five piasters in most Egyptian banks recording LE 15.65 for buying and LE 15.75 for selling at Al Ahli bank of Kuwait K.S.C.
The US currency gained two more piasters, making its rate ranges at banks between LE 15.53 to LE 15.57 for buying and LE 15.63 to LE 15.67 for selling.
At the Central Bank of Egypt, the dollar rate went down by two piasters to register LE 15.54 for buying and LE 15.64 for selling.
The Egyptian pound continues to rise against the US dollar, recording its highest value in three years today.
The Egyptian pound continues to rise against the US dollar, recording its highest value in three years today.
At the National Bank of Egypt and Banque Misr the dollar price recorded LE 15.68 for buying and LE 15.78 for selling.
It also anticipated that the Central Bank of Egypt (CBE) to resume its easing cycle and lower interest rates by 225bp, to 10 percent by end-2020.
At the National Bank of Egypt and Banque Misr, the dollar rate declined two piasters, recording LE 15.83 for buying and LE 15.93 for selling.
Local banks saw $1.7 billion of inflows in the five days through Jan 13, the Central Bank of Egypt (CBE) said in a statement.