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Saturday, 22 February 2020

EGP continues to strengthen against US dollar

The US dollar traded for EGP 15.87 for selling and EGP 16 for buying

Doaa A.Moneim , Monday 13 Jan 2020
US dollar, EGY Pound
US dollar, EGY Pound (Photo: Al-Ahram)
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The Egyptian pound is continuing to strengthen against the US dollar, trading under EGP 16.

According to prices at five Egyptian banks on Monday, the US dollar traded for EGP 15.87 for selling and EGP 16 for buying, the first time this rate has been reached since February 2018.

The dollar's value has dropped by around EGP 1.87 since the beginning of 2019.

Observers and financial experts say this improved performance is the result of foreign exchange inflows and increased investments in treasury bills.

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