Egypt’s foreign reserves rose by about $113 million, recording $38.314 billion by the end of July 2020.
The optimistic expectations are backed by the increase in the foreign currency in Egypt due to the return of tourism and foreign investment.
CBE’s governor referred to global talks about how Egypt preceded the current conditions by controlling the economy.
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 rate remained stable, recording EGP 15.75 for buying and EGP 15.85 for selling.
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.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
According to Bloomberg, Societe Generale SA forecasts that the currency will gain another 4.5 percent to 15.35 per dollar in 2020.
However, the pound could come under further pressure, analysts said.
“What is more, they have negative implications for the orderly working of the international monetary system.”
The fresh trade tensions come ahead a U.S. Federal Reserve meeting which is expected to see interest rates reduced by 25 basis points (bps) in its first rate cut in more than a decade.
Fed expectations have not dented the dollar however. It stood around a one-week high against a basket of currencies after the previous day’s half-percent jump.
The crimes varied from bribery and administrative corruption to illegal currency trade, money laundering and tariff evasion.
The pan-European STOXX 600 climbed 0.2% after losing 1.4% over the past four sessions. Germany’s DAX futures rose and Britain’s FTSE futures gained 0.3%.
By 1430 GMT, sterling was up 0.4 percent at $1.2712, bringing its gains in June to more than 3 percent.
In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fueled worries about monetary policy independence.
The world has been keeping a close eye on the trade war ignited by the United States that has set up barriers provoking retaliation by mainly China.
The dollar extended its recovery on Thursday, gaining versus the yen and euro, on hopes the United States and China will agree a trade truce before a G20 summit in Japan this weekend.
The Swiss National Bank’s Thomas Moser, said on Tuesday at an event in Switzerland that he is “relaxed” about Facebook Inc’s Libra project.