The US dollar’s average exchange rate continued to fall against the Egyptian pound in Egypt's local lenders on Monday, registering EGP 15.5, according to the websites of three major banks.
The average rate of the greenback registered almost EGP 16 by the end of last week.
On Friday, The Central Bank of Egypt (CBE) confirmed to Ahram Online that it received an initial $2.75 billion from the International Monetary Fund (IMF) following the board’s approval for Egypt’s $12 billion loan.
Earlier this month, Egypt's central bank decided to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy.
Egypt relies heavily on imports, mostly food, and has been suffering from an acute foreign currency shortage since the 2011 uprisings followed by political and security unrest, which has spooked investors and tourists.