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Wednesday, 21 August 2019

US dollar expected to drop against EGP in upcoming period: Economists

MENA , Thursday 16 May 2019
CBE
Egypt central bank (Reuters)
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Economists and bankers are expecting that the US dollar will continue to fall against the Egyptian pound within the coming period prompted by the fruits of the successful economic reform programme carried out by the Egyptian government and the success of the monetary policy of the Central Bank of Egypt.

The US dollar declined 90 piasters from EGP 17.88 to EGP 16.98 by the end of this week, its lowest level since the start of 2019.

Mohamed Roshdi, an official at a currency exchange company, told MENA that the US dollar has been seeing a downward trend since January with the strong comeback of investors to the Egyptian market.

He attributed the decline of the US dollar to the government's success in ending the currency black market and the seizure of all exchange companies affiliated with the banned Muslim Brotherhood group, expecting the US dollar to register EGP 16 by the end of this year.

The US dollar exchange rate continued its downward trend during transactions at major banks on Thursday.

At the National Bank of Egypt, Banque Misr and the Arab African International Bank, the dollar rate went down by two piasters, recording EGP 16.99 for buying and EGP 17.09 for selling.

At the National Bank of Greece, the dollar rate registered EGP 17 for buying and EGP 17.10 for selling.

The dollar price recorded EGP 17.05 for buying and EGP 17.14 for selling at the Abu Dhabi Islamic Bank. 

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